A narrow passageway on Northcote Road, Battersea, wedged between a charity shop and a Starbucks, sold for more than a quarter of a million pounds yesterday.
The rectangular shaped gap has planning permission for a residential or artists studio, which could stretch to around 900 sq ft of space, about the average size of much derided new build homes.
The ability to add walls to the alleyway accounts for it selling for £205,000 more than the original guide price of £55,000 when it was auctioned by Savills.
The empty space with the possibility of constructing a first floor extension underneath and behind the service passage was an opportunity too good to miss for one buyer.
Described as ‘a rectangular shaped site forming a passageway between two retail units’, the massive sale price shows the London property market is still going strong, over the last year London prices have increased by 18.4%.
The 0.016 acres site reflects recent reports that London ‘outer prime hubs’ like Clapham are still growing, as prices in central prime sites like Chelsea level off.
The average one-bedroom property in outer prime London has risen in value by £240 a day over the past year.
In Battersea property prices have shot up by 24% over the last year, contributing to London’s dubious honour of being one of the most expensive cities in the world to live in.
Picture courtesy of Savills, with thanks