Luxury Flat Dispute: Accountant Sues Developers
An accountant has filed a lawsuit against the developers of a luxury flat in London, claiming the property does not meet promised specifications. Mi Suk Park purchased a Rs 16.6 crore (1.5 million pounds) apartment in the high-profile “Versace Tower,” only to discover that one of the bathrooms lacked a bathtub. The case highlights the challenges faced by buyers in the luxury real estate market.
Discrepancies in Apartment Features
Mi Suk Park’s legal battle began after she purchased a two-bedroom apartment in the Aykon London One tower, located in Nine Elms. The property was marketed as a collaboration between the developers and the renowned fashion house Versace, promising “ultimate luxury.” Park paid a substantial deposit of Rs 4.2 crore (381,000 pounds) with the intention of making the flat her and her husband’s primary residence until retirement.
However, after a two-year delay, the apartment was finally delivered in 2022. Upon inspection, Park found that one of the bedrooms was smaller than expected and, crucially, one of the two bathrooms did not include a bathtub. This discrepancy led her to file a complaint with the Central London County Court, asserting that the flat was “materially and manifestly different” from the layout she had initially agreed to.
Legal Proceedings and Counterclaims
Park is seeking over Rs 7.7 crore (700,000 pounds) in damages, arguing that the apartment’s features did not align with the sales brochure she had reviewed prior to her purchase. Her attorney, Nazar Mohammad, emphasized that the apartment was sold as an “off plan” purchase, with specific details outlined in the sales agreement. According to Mohammad, the agreement included a plan that Park had signed, which indicated the presence of bathtubs in both bathrooms.
In response, the developers, a Jersey-based entity with ties to a parent company in Dubai, have filed a countersuit against Park. They claim that she failed to complete the purchase, arguing that the brochure clearly stated the layouts were “typical” and not guaranteed. During cross-examination, Rupert Cohen, representing the developers, pointed out that Park had attempted to rescind the contract in October 2022, leading to a series of notices regarding the completion of the sale.
Ongoing Case and Implications
The legal proceedings are still ongoing, with both parties presenting their arguments in court. The outcome of this case could have significant implications for buyers in the luxury real estate market, particularly regarding the accuracy of property representations and the responsibilities of developers. As the case unfolds, it highlights the importance of transparency and clarity in real estate transactions, especially in high-stakes purchases like luxury apartments.
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