Billionaire behind B&M sells London townhouse for £10.5m lower than he paid

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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.

Nevertheless it has been bought at a 30 per cent low cost, in accordance with Bloomberg.

It comes as weaker demand for high-end properties forces some property homeowners to chop costs.

Excessive rates of interest and the prospect of harder taxes on the wealthy have dented valuations in London’s most unique neighbourhoods. Shedding 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

In keeping with researcher LonRes, prime property costs within the capital fell 7.1 per cent in January in comparison with a 12 months earlier. It was the most important drop in 5 years.

However evaluation by property agent Savills confirmed international patrons nonetheless spent greater than £100m on London properties in 2023 – and Belgravia made up 10 per cent of all offers value greater than £5m.

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