Bobby Arora: B&M bigwig sells London pad near Buckingham Palace for 30 per cent loss
British billionaire and trading director for budget retailer B&M has sold his London mansion for a 30 per cent loss.
Bobby Arora sold his flashy pad between Hyde Park and Buckingham Palace for £23.4m – significantly below the £34m he forked out a decade ago, according to a report at Bloomberg.
Aurora’s case is not isolated.
The outlet also reported a South African developer sold a housing site in Kensington for £80m at the end of year, a £30m discount on what they paid in 2017.
According to a report by researcher LonRes, in London’s most affluent area sales fell about a third in November from the same period a year earlier.
The struggles come amid a difficult year for London’s property market, as luxury homes attempt to shrug off cost-of-living concerns.
According to a report by Investec Wealth & Investment, shared with City A.M. in the last year the average price of London properties worth over £1m fell by 2.5 per cent or nearly £50k.
City A.M has contacted B&M for a comment.