The 550 sq ft property goes up for auction next month and is the latest example of the capital’s extreme house prices.
A small converted boiler room in the basement of a London building looks set to sell for more than £250,000 . The 550 sq ft property goes up for auction next month and is the latest example of the capital’s extreme house prices.
The average price of home in London has now broken the £500,000 mark for the first time.
A typical home costs a staggering £768,000 in fashionable Bloomsbury but an unusual opportunity has popped up for someone looking to buy in one of the city’s most expensive areas for a fraction of the normal price.
This is because it is a two-room basement which in the past was used to provide heating and electricity to residents.
As modern boiler and electrical equipment has shrunk in size over the years, an upgrade at the block has freed up enough space to sell the basement off. The vendor has managed to secure planning permission for the site to be converted into a tiny two-room apartment.
Plans: The flat will be just 550 sq ft
With 550 sq/ft, the finished flat will be just over half the size of the average new home in England.
It will have one bedroom, an en-suite shower room and an open-plan kitchen/living room. There will also be a hallway with space to store a bicycle.
The boiler and electrics room will be auctioned by Savills on December 14 at its London sale with the agent giving it an estimate of in excess of £250,000. It is in the same Victorian apartment block, near Great Ormond Street, that an unexcavated basement recently sold for £150,000.
Robin Howeson, associate director at Savills auctions, today described it as “an exciting development opportunity”.
He said: “Although currently used as the boiler room, this 550 sq ft basement unit has planning permission already in place for the creation of a one bedroom self-contained flat. Located in Bloomsbury, a sought after area of central London where the average price of property has reached £768,669, this lot offers buyers an exciting development opportunity.”
The sale of the basement follows last week’s announcement that the average home in London now costs £503,431 – up 10 per cent on 2014.
This double digit growth means the typical London homeowner saw the value of their house increase by £932 PER WEEK last year.
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