Chelsea Harbour penthouse sells for half price: the flat is in the same riverside building as Princess Diana's former gym

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A huge apartment at the west London riverside development where Princess Diana once worked out has been sold for little more than a third of its asking price of two years ago.

The four bedroom penthouse at the Chelsea Harbour scheme was valued at £10 million when it first came on the market in 2018 but was eventually sold to a Russian buyer for £7.5 million.

The new owner never lived in the apartment, which also has three reception rooms, four bathrooms and an enormous terrace, and was forced to put it back on the market for £8.5 million after 18 months late last year.

However, a combination of Brexit uncertainties followed by the Covid pandemic, which made apartments with no gardens much harder to sell, hit the market and the price was slashed to £5.95 million. The 5553 sq ft home is also available for rent at £15,167 per month.

The apartment has now been sold to an investor for just £3.75 million, a reduction of 50 per cent since it was last sold and more than 60 per cent since its 2018 valuation.

Chelsea Harbour was one of the first luxury developments on the Thames, built on former industrial land, and dates back to the late Eighties.

It has been home to a number of celebrities over the years including Sir Michael Caine, Robbie Williams, Sir Elton John, Grace Jones and a number of Chelsea footballers including Emmanuel Petit. But it is most famous for the gym at the Chelsea Harbour club where Princess Diana was a member.

The sale of the fifth and sixth floor penthouse was brokered by specialist developer and adviser Paul Roshan on behalf of an investor.

£3.75 million: the penthouse's value has dropped from £10m to £3.75m in two and a half years

He told the PrimeResi website: “No one in the property industry has been able to find a penthouse that has gone from £10 million in value to £3.75 million in two and a half years.

“No penthouse in the market ever goes for that level of discount. I have been in the Central London market for 28 years and I have never seen anything go for this price, especially in Chelsea at £660 a square foot that is fully furnished. That’s Croydon prices.”

Mr Rohan said the apartment, which has views over the development’s marina and a vast 52ft by 25ft main reception room, was in good condition.

However, he added: “It was a distress sale. They needed to get rid of the property. Normally penthouses should be fetching around £1,300 to £1,400 per sq ft but there are a lot of new developments around and this one is getting a bit older now.”

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