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One Hyde Park flat up for sale after repossession

One Hyde Park flat up for sale after repossession

A one-bedroom flat at One Hyde Park – Britain’s most expensive block of flats, developed by the Candy brothers – has been repossessed and is on the market for £5.25m.

It is being marketed by the receivers through Strutt & Parker.

Its former owner, an Irish property tycoon, is said to have racked up debts of over £250m.

Ray Grehan, now bankrupt, bought the Knightsbridge flat in 2007 for £3.7m. His creditors will get the bulk of the proceeds, with 15% going to his estranged wife Geraldine.

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

It is one of the cheapest properties in the development, described as ‘entry level’.