Multi-million pound London mansions you can buy now and pay later

Two multi-million pound London mansions are on offer as part of a “buy now, pay later” scheme that allows purchasers to move in immediately, while deffering the bulk of the cost for five years.

Developer K10 is offering buyers the opportunity to move into its newly-unveiled £75m ($98.5m) Amberwood House in Knightsbridge and £30m Culross House in Mayfair immediately after paying a deposit, while allowing the rest of the purchase price to be settled after a five-year deferral period.

As part of the K10: Creative Finance Solutions scheme, the firm said that the buyer may benefit from any capital value uplift of the property during the five year period. Consequently, the prices can also drop should the property market take a hit.

A buyer acquiring the £35m Culross House located on Culross Street in Mayfair, directly adjacent to Hyde Park and Park Lane, would only have to pay an upfront minimum payment of £10m to move into the mansion.

They would then pay K10 CFS a fee of £15,385 per week to cover occupancy and financing costs on the newly-built townhouse mansion – “significantly lower than the cost of renting the property,” K10 said.

Then, after five years, the buyer would settle the balance of £20m.

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The five-bedroom ambassadorial house – formerly the site of the Earl of Essex’s coach house – boasts 8,051 square feet, and comes complete with cinema or club room, swimming pool, spa complex and private rear garden.

The interiors were designed to celebrate “best of British” classic design, while key rooms are inspired by famous five-star hotels and VIP venues from around the world, K10 said.

The firm added that, Culross House could have a rent potential of £25,000 a week, which would generate a profit of £500,000 a year – £2.5m over the five-year delayed transaction period.

A buyer acquiring the £75m Amberwood House in the heart of Knightsbridge, would pay a minimum of £25m to move into the property.

This would be followed by a weekly fee of £38,465. Then, at the end of five years, they would settle the balance of £50m on the purchase.

The historic property, which was formerly the London home of legendary ballerina Dame Margot Fonteyn and her husband, Panamanian ambassador Roberto Emilio Arias, has been transformed into a three-storey private mansion.

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It boasts 15,300 square feet of space and has tall French and sash windows, ornamental balconies and a bay to the garden façade.

Its features include a double-height entrance hall with a grand chandelier; a grand main reception room; a large family kitchen, breakfast and family room; a club room with a cinema and cocktail bar; a walk-in wine cellar with bespoke cabinet; a health spa complex; and a swimming pool room with feature waterfalls.

It is hidden behind walled landscaped gardens and can only be accessed via a private gated driveway – making it the only mansion with a private driveway in Knightsbridge.

K10 said Amberwood House could be let to a tenant for a rent of £50,000 per week, which would generate the a profit of £600,000 a year — a total rental income of £3m over the five year delayed transaction period.

If the “move now, pay later” scheme is successful, K10 will look to extend it and make it available for a £100m private palace called Doughty House that is currently under construction in Richmond.

Potentially, a buyer could make an upfront payment of £35m for the palace, with a delayed transaction of up to five years, paying a final installment of £65m on the purchase.

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K10 said it decided to launch the “buy now, pay later” offer because of the number of offers the firm has had from billionaire and multi-millionaire clients who have wanted to acquire the Culross House and Amberwood House properties but have asked to rent them rather than purchase upfront.

“We have decided to launch K10 CFS and offer clients the opportunity to “buy now pay later” because our clients love the houses, but the current state of the financial and lending markets leads them to ask us if they can rent rather than buy,” said K10 founder and CEO Kam Babaee.

“With our new Creative Finance Solutions offer they can now move into the property immediately, benefit from buying it, yet delay payment of the bulk of the purchase price for five years.”

He added: “The ultra-prime residential markets in both Mayfair and Knightsbridge remain strong, with prices up 44% on 2017 in the former and up 37% in the latter.

“Over the next five years a buyer can reinvest the money that they have saved, and we would anticipate both Culross House and Amberwood House increasing in asset value over the course of the next five years.”

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