A billionaire behind B&M has bought a London townhouse for £23.5m – £10.5m lower than he paid for the property a decade in the past.
Bobby Arora, the buying and selling director of the low cost chain, purchased the home in Belgravia, central London, for £34m in 2013.
But it has been bought at a 30 per cent low cost, in response to Bloomberg.
It comes as weaker demand for high-end properties forces some property homeowners to chop costs.
High rates of interest and the prospect of more durable taxes on the wealthy have dented valuations in London’s most unique neighbourhoods.
Losing out: Bobby Arora, pictured, the buying and selling director of the low cost chain, purchased the home in Belgravia, central London, for £34m in 2013
According to researcher LonRes, prime property costs within the capital fell 7.1 per cent in January in comparison with a yr earlier. It was the most important drop in 5 years.
But evaluation by property agent Savills confirmed international consumers nonetheless spent greater than £100m on London properties in 2023 – and Belgravia made up 10 per cent of all offers price greater than £5m.