A piece of real estate in Hampstead Garden Suburb for only £5,000?
PUBLISHED: 18:16 18 January 2016
No your eyes aren’t deceiving you, but the property in question is a storage unit and it may well sell for more when it comes to auction in February according to James McHugh of McHugh & Co auctioneers.
“We’re offering three storage units, all vacant, for £5,000 each in our February auction. It’s a realistic guide price, I’m sure they’ll sell for more at auction.”
Available on a 125 year lease dating from 1992 at a peppercorn ground rent, the store rooms are in the grounds of a 1930s block of flats, South Square, NW11.
The units do not have planning permission for any other use, although the brochure does point out that they are “situated in this most sought after residential area, close to Hampstead Heath and Temple Fortune.”
“I think it would be unlikely for them to get planning permission, I’m sure the people in the block at the front wouldn’t be too keen,” says McHugh. “They’re really just for storage.
“Some people may want to store files or bikes or something. The only comparable thing is garages, and you can put a car in those so they sell for a lot more.”
Hampstead Garden Suburb is home to some of London’s most expensive streets and ritziest residences, with The Bishops Avenue a stone’s throw away.
According to Zoopla, the average price per square foot in Hampstead Garden Suburb hovers around the £1,000 mark, depending on what type of property you’re after, so it could be argued that these outhouses represent comparatively good value.
The most expensive property currently advertised for sale in the area is a nine-bedroom detached house on Winnington Road with an asking price of £37,500,000.
At the other end of the spectrum, a single garage with a 60 year lease in East Finchley is on the market for £25,000.
Anyone keen to get their hands on a storage unit or three should head to The Montcalm Hotel on Great Cumberland Place, W1H 7TW on Feburary 25.