£5m London flat originally owned by Irish developer is repossessed

Wednesday 11 September 2013 07.55
The flat was originally bought by developer Ray Grehan in 2007
The flat was originally bought by developer Ray Grehan in 2007

A flat worth over £5 million has been repossessed in London's most expensive block.

It's the first repossession at London's most expensive residential development - One Hyde Park - and follows a long-running dispute between Irish property developer Ray Grehan and the National Asset Management Agency.

The 988 sq ft repossessed flat was originally owned by Mr Grehan, who is being pursued by NAMA over debts of more than €300 million.

The fourth floor apartment is considered to be one of the development's more affordable "entry-level" units, where prices for bigger apartments have fetched up to £140 million.

The one-bedroom apartment comes with a service charge of nearly £14,000 a year, and ground rent of £2,000 a year.

NAMA will receive 85% of the net proceeds of any sale of the property, once the mortgage on it is paid.