text: A three-bedroom apartment in one of the most expensive areas to live in Britain has been put on the market for just £575,000 - but the 'bargain' property comes with a catch. The Knightsbridge flat, London, which is on sale for a fraction of the price of neighbouring homes, has just three years left on the lease. The cost would work out at £191,000 per year, or £15,000 per month - which is around the going rate for renting a three-bedroom flat in the area. The entrance to the flats in one of the most expensive areas to live in Britain where a three-bedroom apartment has been put on the market for just £575,000 . But if any buyer decides to extend the lease, the property could be worth upwards of £6 million. The 'unmodernised' maisonette in the in exclusive Egerton Place, is described as 'bright and well proportioned' property with 1,990 sq/ft of space. It boasts three bedrooms, two bathrooms, a reception room and utility room along with a lift, parking and a communal garden. The property is being sold by Russell Simpson for £575,000 - the same price as a three-bedroom house in Stanmore, Middlesex. It is one of two maisonettes being sold  with three years remaining on the lease. Both homes will need to be modernised, with the second, larger property - also on Egerton Place - on the market for £595,000. The next cheapest three-bedroom property in Knightsbridge costs £1.5 million, and this flat is only offered with a 28-year lease. But the property comes with a catch, not only is it in dire need of renovation, (such as in one of its bedrooms, pictured)  the home has just three years left on the lease . The cost for £575,000 on a three year lease would work out at £191,000 per year, or £15,000 per month - which is around the going rate for renting a three-bedroom flat in the area, plus renovation works which are needed, such as in the living room (pictured) But if any buyer decides to extend the lease, the 'bright and well proportioned' property with 1,990 sq/ft of space, could be worth upwards of £6 million . Jake Russell, from Russell Simpson, said: 'Properties like this come up once in a blue moon and I think it is an outstanding opportunity. 'To get properties like this in Egerton Place is very exciting and the phone hasn't stopped ringing, which is quite unusual considering the time of the year with the election around the corner. 'We have had interest from locals, developers and end users. In modernised condition, we would estimate they would sell for between £2,750 and £3,000 per sq/ft.' This gives the smaller property a £6 million prices tag, while the larger maisonette with 2,500 sq/ft of space could be worth £7.5 million. The current freeholder is thought to be The Welcome Trust and any buyer would have to negotiate a lease extension with them and, for a 90-year lease, it is likely to cost between £3.35 and £4.5 million. Egerton Place was built off Michael's Grove by John Grover and Son to the designs of architect Mervyn Macartney around 1893. The properties introduced a higher quality of architecture to the Egerton Gardens area with each home featuring four main storeys with basements and garrets, finished in costly two-inch bricks of red and orange. Estate agents said it was rare for properties with such short leases to come on the market and the phone 'hasn't stopped ringing' about the Egerton Place apartment . But Alex Newall, from Hanover Private Office, had a warning to potential buyers: 'It looks cheap, but there will be a massive premium to pay to extend the lease' Leases of all the homes were granted by the Smith's Charity trustees in 1894, and its first occupant was, Sir Evan MacGregor, permanent secretary to the Admiralty. Other residents of high status included the Dowager Lady Lawrence, probably the widow of the first Baron Lawrence, at No. 5, and Sir Henry Fielding Dickens, Q.C., son of the novelist Charles at No. 2. One property consultant said it was very rare for a pair of properties to come onto the market with such short leases. Alex Newall, from Hanover Private Office, said: 'It looks cheap, but there will be a massive premium to pay to extend the lease. 'A developer will probably buy it or someone might use it as a rental for three years and then give it back to the freeholder. 'It is a very quirky situation. Properties do come up with very short leases like this every so often but it is very rare for somewhere like Knightsbridge. 'I know someone who let their lease run down to eight years and they thought 'right, I need to extend it', but by then it was too late and the extension was too much. 'Let it be a warning to check your lease.'
target: The Knightsbridge flat has been put on the market for a fraction of the price of neighbouring homes, at £575,000 .
  It has only three years left on lease putting cost at £15,000 a month -  going rate for renting a three-bed in the area .
  Property experts said if a buyer decides to extend the lease, the property could be worth upwards of £6 million .
  But renewal would not come cheap with the cost for a new 90-year lease estimated at between £3.35 and £4.5 million .