Is this the craziest London property deal yet? Alleyway full of dustbins and bin bags sells for £260,000 (but it does have planning permission) Sandwiched between a Starbucks and a charity shop and filled with overflowing rubbish bins, this dank and dingy alleyway is far from the perfect home. But the unusual south London plot captured the imagination of one buyer desperate for a place in the city and fetched £260,000 at auction. The narrow lane, which measures 900sq. ft, on Northcote Road in Battersea was snapped up for more than five times its guide price of £55,000 when it went up for sale earlier this week. The new owner will be hoping to transform the dark passageway into something more appealing. Planning permission included in the price means that it can be converted to a comfortable residential space and there is even suggestion that it could be used as an artists studio. And while the neat site does not come with any outdoor space - the bustling south London road is just a short walk to both Clapham and Wandsworth Commons. In an online description, Savills Auctions said: Local amenities are available along the length of Northcote Road, including its popular street market. Chris Coleman Smith, director of Savills Auctions, told the Evening Standard that he was only a little bit surprised by the amount the alleyway sold for as it had attracted a lot of interest. He said: This is a classic example of a property finding its value in the auction room. The area around the property is red hot. We have sold all sorts of stuff over the years but this is maybe one of the most unique lots. At £260,000, the partially-covered alleyway comes in at just £15,000 less than the average current value of a home in the UK - which comes in at £275,000, according to the Office for National Statistics. For the same price, property-hunters could buy a five-bedroom detached home in picturesque Yorkshire or a spacious four-bedroom semi-detached home in Suffolk. The purchase of the narrow street is the latest in a string of extraordinary London property deals. Last month, Britains smallest home, which is less than half the size of an average train carriage and measures just 188 sq. ft, was sold for more than a quarter of a million pounds. The tiny flat in Islington, north London - which is so compact that the front door opens underneath the bed - went on sale for £275,000 and was bought after an extraordinary amount of interest. And earlier this month, a one-car garage off the Kings Road in Chelsea, central London, measuring just 11ft by 7ft, became the UKs most expensive garage when it sold for £550,000. #london #property
Posted on: Thu, 30 Oct 2014 16:38:29 +0000
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