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That sale is a little dodgy no?
No. The owner bought the leasehold interest in the property in January 1998, and then bought the freehold later that year, most likely pursuant to the enfranchisement provisions of the Leasehold Reform Act 1967. Assuming it was a tolerably long lease the freehold would have been worth much less than the long leasehold interest, as it was only the reversionary interest expectant upon the lease being acquired when the freehold was purchased. The price payable for the freehold reversion would probably have largely represented the deferred value of the freehold once the lease was expired, deferred over the remaining term of the lease using the standard Sportelli rate of 4.75% per annum. Admittedly Sportelli wasn't decided until 2008, but it represented standard industry practice anyway.
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Brommers
That sale is a little dodgy no?
Sale Date Property Price Paid Source
30 Aug 2019 Terraced, Freehold £16,000,000 Land Registry
08 Aug 2014 Terraced, Freehold £17,750,000 Land Registry
10 Dec 2003 Terraced, Freehold £6,250,000 Land Registry
06 Apr 1998 Terraced, Freehold £729,500 Land Registry
07 Jan 1998 Terraced, Leasehold £2,991,001 Land Registry