BILLED as the ideal property for those wanting to downsize, this Oxford apartment has just been put on the market – for a modest £1.45m.

Believed to be the most expensive apartment on sale in the city, it boasts four bedrooms over two floors, a 27-foot reception room, a study and a private parking spot.

But the property in Norham Gardens, North Oxford, has a catch – the new tenant will only own part of the back garden and there is no roof terrace.

One of five apartments in the Victorian detached house, flat 5 includes period features such as sash windows and original fireplaces, plus a balcony and even a lift.

According to Land Registry figures, the last time it changed hands was in 1996 when it sold for just £265,000.

But a three-bedroom flat in the same building was snapped up two years ago for £1.5m.

The Oxford Times:

  • The sub-divided garden

Average property values in Norham Gardens have hit £2m, according to online estate agent Zoopla, compared with £356,000 for Oxford as a whole.

Mark Charter, of agents Carter Jonas, said: “This is the most expensive apartment to come to the open market, but I know of two others that have been sold off-market for £1.5m.

“I expect the buyer to be someone from overseas or London.

“It would definitely suit an older couple who want to downsize but still want to maintain a base in this area of Oxford.

“The garden has been physically sub-divided, so they will have their own private area.

“It’s a beautiful flat which is situated on two levels, one of which is part of converted roof space. Although there is no roof terrace, there is a large balcony.

The Oxford Times:

  • A snapshot of the interior

“We’ve already had quite a bit of interest from buyers and have started viewings, though there have been no bites yet. It may sound like the property is on the market for a lot of money, but £1.45m is on a par with what we would expect for a flat of this size – at what is the best address in town.”

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