Local family buys million pound pad

Local family buys million pound pad

Toby Cockcroft and Steve Davis by the Bonding Warehouse

Luxury penthouse

Luxury penthouse

First published in News
Last updated

A YORK family has purchased the city's first £1 million penthouse as only one apartment remains unsold at the newly re-developed Bonding Warehouse.

The historic Grade II listed building which sits on the banks of the River Ouse, next to Skeldergate Bridge, has been subject to a multi million pound rebirth project at the hands of developer Grantside.

As well as creating 11,700 sq ft of new office units on the ground and first floors, four luxury apartments were built with private lifts and a private bridge for when the river floods.

While two of the apartments have been sold subject to contract, the first to be snapped up was York's first £1 million penthouse, which was sold off-plan in June to a local unnamed family, who now occupy the pad.

For the £1 million price tag the family now owns the 2,232 sq ft duplex apartment, with three bedrooms, two and half bathrooms, a study, a TV room and a riverside balcony.

There is hardwood and ceramic tiled floors in all living areas and bathrooms, and carpeted bedrooms all of which are equipped with underfloor heating, while the kitchen boast hand crafted cabinets and Miele appliances throughout, including wine coolers, steam ovens and built-in coffee makers.

The last remaining duplex apartment is being marketed at £895,000, with 2,000 sq ft covering the upper two floors of the Victorian building, boasting three bedrooms.

Agents say following the launch of the apartments in March, hundreds of enquiries came from across the UK.

Steve Davis of Grantside said: “The Bonding Warehouse is an iconic landmark building. Its position is a complete one-off, and we were determined to create four really special homes that made the most of the amazing location.

"The fact that only one apartment remains on the market is a testament to the exclusivity of this development, and also to the special affection that people hold for historic buildings.”

Agent Toby Cockcroft, of Croft Residential added: "With only Apartment One still available we are seeing heightened interest from potential buyers.

“The Bonding Warehouse apartments have attracted several hundred enquiries, a number of offers, and we are expecting more bids for the final apartment over the next few weeks."

The Bonding Warehouse was built in 1875 and was most recently used as a bar and restaurant, but it closed after being severely damaged in the floods of 2000 and has never re-opened. It was seen as a possible venue for a digital media and arts centre in York, but plans were abandoned.

Comments (17)

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10:03am Thu 24 Jul 14

maybejustmaybe says...

Why is this even a story?
Why is this even a story? maybejustmaybe
  • Score: 8

10:21am Thu 24 Jul 14

sheps lad says...

Half a bathroom?
Half a bathroom? sheps lad
  • Score: 10

11:03am Thu 24 Jul 14

soprano 2 says...

I thought that some years ago, the penthouse flat in the flats on Queen's Staithe was sold for a million pounds.
I thought that some years ago, the penthouse flat in the flats on Queen's Staithe was sold for a million pounds. soprano 2
  • Score: 10

12:30pm Thu 24 Jul 14

TCJYork says...

I'm sure I've heard this first £1m flat story for penthouses on Dukes Wharf, Queens Staith and the Westgate apartments on Leeman Road.

How about: Local Family Squanders £1m on 'Often Inaccessible' Flat
I'm sure I've heard this first £1m flat story for penthouses on Dukes Wharf, Queens Staith and the Westgate apartments on Leeman Road. How about: Local Family Squanders £1m on 'Often Inaccessible' Flat TCJYork
  • Score: 9

2:21pm Thu 24 Jul 14

zombardo says...

If anyone was in doubt where to go and burgle, this has cleared it up.

And who wants this smug rubbish in the news anyway?
If anyone was in doubt where to go and burgle, this has cleared it up. And who wants this smug rubbish in the news anyway? zombardo
  • Score: 2

4:49pm Thu 24 Jul 14

Garrowby Turnoff says...

TCJYork wrote:
I'm sure I've heard this first £1m flat story for penthouses on Dukes Wharf, Queens Staith and the Westgate apartments on Leeman Road.

How about: Local Family Squanders £1m on 'Often Inaccessible' Flat
Squandered? I would have thought as a rental or holiday let the return on their £1 million would be much higher than traditional investments or banks.
[quote][p][bold]TCJYork[/bold] wrote: I'm sure I've heard this first £1m flat story for penthouses on Dukes Wharf, Queens Staith and the Westgate apartments on Leeman Road. How about: Local Family Squanders £1m on 'Often Inaccessible' Flat[/p][/quote]Squandered? I would have thought as a rental or holiday let the return on their £1 million would be much higher than traditional investments or banks. Garrowby Turnoff
  • Score: 0

5:10pm Thu 24 Jul 14

Pinza-C55 says...

At least the damned thing is finished and we can stop reading about the latest failed attempt to restore it.
If I had a million to spare I would certainly think about it, and Argos is just over the water when I need furniture.
At least the damned thing is finished and we can stop reading about the latest failed attempt to restore it. If I had a million to spare I would certainly think about it, and Argos is just over the water when I need furniture. Pinza-C55
  • Score: 3

5:20pm Thu 24 Jul 14

TCJYork says...

As I mentioned, I preferred this story the first time round in 2002:

http://www.yorkpress
.co.uk/archive/2002/
06/08/7925082.York_s
___1m_home/
As I mentioned, I preferred this story the first time round in 2002: http://www.yorkpress .co.uk/archive/2002/ 06/08/7925082.York_s ___1m_home/ TCJYork
  • Score: 2

5:23pm Thu 24 Jul 14

TCJYork says...

Garrowby Turnoff wrote:
TCJYork wrote:
I'm sure I've heard this first £1m flat story for penthouses on Dukes Wharf, Queens Staith and the Westgate apartments on Leeman Road.

How about: Local Family Squanders £1m on 'Often Inaccessible' Flat
Squandered? I would have thought as a rental or holiday let the return on their £1 million would be much higher than traditional investments or banks.
I guess that is a good idea; get people in, wait til the river's up and traps them in it and then charge them a fine for not vacating the room on time. Brilliant! You'll make an investment banker yet!
[quote][p][bold]Garrowby Turnoff[/bold] wrote: [quote][p][bold]TCJYork[/bold] wrote: I'm sure I've heard this first £1m flat story for penthouses on Dukes Wharf, Queens Staith and the Westgate apartments on Leeman Road. How about: Local Family Squanders £1m on 'Often Inaccessible' Flat[/p][/quote]Squandered? I would have thought as a rental or holiday let the return on their £1 million would be much higher than traditional investments or banks.[/p][/quote]I guess that is a good idea; get people in, wait til the river's up and traps them in it and then charge them a fine for not vacating the room on time. Brilliant! You'll make an investment banker yet! TCJYork
  • Score: 5

8:59pm Thu 24 Jul 14

malonemalone says...

why would you be so utterly naff and have yourself in the newspaper 'ooo look what i've bought' absolutely comedy
why would you be so utterly naff and have yourself in the newspaper 'ooo look what i've bought' absolutely comedy malonemalone
  • Score: -3

11:29pm Thu 24 Jul 14

york_chap says...

Everyone's taste and sense of value for money is different of course, but if I were them I'd feel a bit ripped off; given that there's currently an entire Grade II listed, refurbished townhouse for sale on South Esplanade (almost directly opposite this place and right on the riverside), with more bedrooms, for £410,000 LESS than this flat.

I suppose the wine cooler, steam oven and private escape route must justify the premium. Crazy to think that the extra £410k alone would buy 3 reasonable 1-bedroom flats in York.

Well done to the developers though; they had the b*lls to ask this much for it and someone actually thought it was worth it. They must be laughing all the way to the bank!
Everyone's taste and sense of value for money is different of course, but if I were them I'd feel a bit ripped off; given that there's currently an entire Grade II listed, refurbished townhouse for sale on South Esplanade (almost directly opposite this place and right on the riverside), with more bedrooms, for £410,000 LESS than this flat. I suppose the wine cooler, steam oven and private escape route must justify the premium. Crazy to think that the extra £410k alone would buy 3 reasonable 1-bedroom flats in York. Well done to the developers though; they had the b*lls to ask this much for it and someone actually thought it was worth it. They must be laughing all the way to the bank! york_chap
  • Score: 3

8:54am Fri 25 Jul 14

Buzzz Light-year says...

malonemalone wrote:
why would you be so utterly naff and have yourself in the newspaper 'ooo look what i've bought' absolutely comedy
Why would you add a comment to a story that you obviously haven't read properly or understood?

I think the story here isn't "ooo look what I've bought" but "ooo look what we've redeveloped and sold"
[quote][p][bold]malonemalone[/bold] wrote: why would you be so utterly naff and have yourself in the newspaper 'ooo look what i've bought' absolutely comedy[/p][/quote]Why would you add a comment to a story that you obviously haven't read properly or understood? I think the story here isn't "ooo look what I've bought" but "ooo look what we've redeveloped and sold" Buzzz Light-year
  • Score: 2

12:36pm Fri 25 Jul 14

DJS83 says...

I bought a pack of Fab lollies from Sainsburys today.

Just thought people would like to know
I bought a pack of Fab lollies from Sainsburys today. Just thought people would like to know DJS83
  • Score: 3

2:32pm Fri 25 Jul 14

york_chap says...

Buzzz Light-year wrote:
malonemalone wrote:
why would you be so utterly naff and have yourself in the newspaper 'ooo look what i've bought' absolutely comedy
Why would you add a comment to a story that you obviously haven't read properly or understood?

I think the story here isn't "ooo look what I've bought" but "ooo look what we've redeveloped and sold"
I think it's actually just another plug for what they can't sell. 1 flat (25% of the residential units) remains unsold, 4 months after becoming available. That's not great from the developer's perspective. And that's despite receiving 'hundreds of enquiries'.

That said, surely it was obvious at the outset that ultra-premium pricing was a gamble - the number of people who: a) can afford this kind of price (b) want to spend it on one flat in York and (c) can be convinced that the flat is worth anything like that much money, would be very low.

You'd be hard pushed to sell it in the future for anywhere near the same amount and the rent would have to be astronomical to achieve a decent yield. Rent of £2,250 per month would only return 3%.
[quote][p][bold]Buzzz Light-year[/bold] wrote: [quote][p][bold]malonemalone[/bold] wrote: why would you be so utterly naff and have yourself in the newspaper 'ooo look what i've bought' absolutely comedy[/p][/quote]Why would you add a comment to a story that you obviously haven't read properly or understood? I think the story here isn't "ooo look what I've bought" but "ooo look what we've redeveloped and sold"[/p][/quote]I think it's actually just another plug for what they can't sell. 1 flat (25% of the residential units) remains unsold, 4 months after becoming available. That's not great from the developer's perspective. And that's despite receiving 'hundreds of enquiries'. That said, surely it was obvious at the outset that ultra-premium pricing was a gamble - the number of people who: a) can afford this kind of price (b) want to spend it on one flat in York and (c) can be convinced that the flat is worth anything like that much money, would be very low. You'd be hard pushed to sell it in the future for anywhere near the same amount and the rent would have to be astronomical to achieve a decent yield. Rent of £2,250 per month would only return 3%. york_chap
  • Score: 2

6:24pm Fri 25 Jul 14

Something.personal says...

Let it be known the unamed family are horrified by this surprise article and are mortified not smug
Let it be known the unamed family are horrified by this surprise article and are mortified not smug Something.personal
  • Score: 0

1:39pm Mon 28 Jul 14

yorkeye says...

A friend of mine knows a guy who used to work with a member of this family and he reckons they moved here from Australia a few years ago. He said they are actually quite normal once you get to know them.
A friend of mine knows a guy who used to work with a member of this family and he reckons they moved here from Australia a few years ago. He said they are actually quite normal once you get to know them. yorkeye
  • Score: 0

6:55pm Tue 12 Aug 14

TCJYork says...

DJS83 wrote:
I bought a pack of Fab lollies from Sainsburys today.

Just thought people would like to know
Local man buys York's first £3 multipack of Fab lollies.
[quote][p][bold]DJS83[/bold] wrote: I bought a pack of Fab lollies from Sainsburys today. Just thought people would like to know[/p][/quote]Local man buys York's first £3 multipack of Fab lollies. TCJYork
  • Score: 0

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