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Bobby Arora: B&M bigwig sells London pad near Buckingham Palace for 30 per cent loss

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The London pad near Buckingham Palace has been sold at a knockdown price
The London pad near Buckingham Palace has been sold at a knockdown price

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.

The value of luxury flats in London’s poshest postcodes has also fallen by 6.1 per cent in the last year as the capital’s mega rich put off buying homes amid the cost of living crisis.

According to a report by Investec Wealth & Investment, shared with City PM 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.