Pictures have been released of the UK’s first developer-built newbuild apartment to be sold via a raffle.
The £2 million apartment in South Kensington in central London is to be raffled for £10 a ticket by developer Gatsby Property, which admits the competition is one way for it to drum up interest in its site as transactions in central London have slumped by up to 40% recently.
The London-based developer constructs small to medium size residential developments all over the UK and is raffling the flat at is latest site on Exhibition Road (pictured, above).
Its two-bedroom apartment will come ready furnished with Stamp Duty and legal costs paid as will the first year’s council tax, utilities and service charges.
But the raffle is not a one-off. The founders of Gatsby Property, Harry Dee and Jonny Jackson, have set up their own competition site for upmarket properties called Cadivus, which any scholars will know means ‘windfall’ in Latin.
The duo (pictured, left) reckon there’s a gap in the market for a regulated property raffle platform, although previous efforts have come to grief either because they haven’t attracted enough sales, or because they have not stuck to the rules government such competitions regulated by the Gambling Commission.
Gatsby Property says its Cadivus platform will use www.promoveritas.com, the independent adjudicator that the BBC and Channel 4 uses.
“We’ve been developing properties in prime London for the past five years and have watched the evolution of property raffle sites with interest,” says Jackson.