The Square is the Jewel in the Crown on Grosvenor’s Belgravia Estate and is architecturally stunning. Originally, Eaton Square was set out as grand London townhouses fashionably close to Buckingham Palace. Naturally, these were occupied by some of the wealthiest & well connected people in the UK, and further afield, and was the height of Victorian living in London.
Since both World Wars, the ravages of war and recession were felt harshly and in around 1950, the Square was effectively re-acquired by Grosvenor pending new ideas of living comfortably and still grandly but without the sheer magnitude of maintenance that a large townhouse comes with
Today, Eaton Square offers lateral flats, be them across two; three or even four buildings to duplex apartments to single floor residences. Nearly all ‘blocks’ have a team of porters looking after the residents, security being one of Grosvenor’s priorities.
However, not all is what it may seem. No dark secrets here but there are differing lease lengths to be aware of. The longer the lease; the better is the rule. Some short(ish) leases will qualify for a longer lease, the premium being negotiated between the owner and Grosvenor but some leases do not off this flexibility. Should the original lease length be below 21 years, the lease cannot be extended but rather ‘topped up’ back to it 20 years, again for a premium but a smaller premium! These ‘non-qualifying’ leases have their merits for short term ownership whereby you are not paying a vast price for a grand apartment on Eaton Square. It would be too old fashioned to say these leases are taken only by the older generation but it is a perception that goes with the territory. However, an increasing number of buyers wanting to call a home a home are looking at these shorter leases that they can trade after a number of years of enjoyment but they are not beholden to the huge Stamp Duty tax, for example.
If you would like to know more on Eaton Square or discuss buying or selling on the Square, please get in touch and we can expand on all the above and more.