Lower Basildon: Mansion sold within a day

A Grade II listed office property on the banks of the River Thames in Berkshire has sold for over the asking price within 24 hours of being advertised.

The Grotto, a Georgian mansion at Lower Basildon, just south of Goring Gap, first came onto the market through Savills Development team in Oxford in 2006. Having been under offer, but failing to exchange on three separate occasions over the next 18 months, the site was re-launched with planning consent for change of use in February 2008 and offers in excess of £2,500,000 were invited.

The property then sold in record time: it was advertised in Country Life Magazine on February 28 and exchanged the following day for well over the guide price. The Grotto was purchased by a private buyer who had admired the house from the train each day, and who subsequently paid the deposit without having a viewing or even received sales details.

Jason Hill, director of development at Savills Oxford, said: “The mansion had been used as offices for over fifty years and was heavily institutionalised but it had great potential for conversion to a single country residence or a scheme of apartments. We understand that the new owner intends to restore the 18th century building to its former glory.”

The Grotto, which is set within approximately 8.6 acres of parkland, was a family home until it was bought in 1953 by ILAM (the Institute of Leisure and Amenity Management), which subsequently became the charity ISPAL (the Institute for Sports, Parks and Leisure).