Property developers are expected to battle it out at an auction house for a rooftop valued at more than half a million pounds.
Savills Auctions is offering the unusual opportunity to buy the roofspace of a posh apartment block in prime central London for £560,000.
The rooftop is a stone’s throw away from the trendy boutiques of the King’s Road and overlooks hundreds of exclusive properties worth upwards of seven figures.
It has been given the bumper price tag because whoever buys it will get permission to add a new penthouse flat.
The result will be a luxury two-bedroom property in Drayton Gardens, Chelsea, worth somewhere in the region of £1.6million.
Property developers are expected to battle it out at an auction house for a rooftop (outlined in red) valued at more than half a million pounds
Permission was granted for a larger roof development in 2013. Pictured is an artist’s impression of what the roofspace (shown top left) could look like if developed
The roofspace has been given the bumper price tag because whoever buys it will get permission to add a new penthouse flat. The result will be a luxury two-bedroom property in Drayton Gardens, Chelsea, worth somewhere in the region of £1.6million
With a guide price of £560,000 and similar building costs, the investor who buys the rooftop at auction could potentially double their profits.
It will be auctioned off on February 13 at The Marriott, Grosvenor Square in London.
Plans for a new penthouse were approved by Royal Borough of Kensington and Chelsea Council in June 2013.
The completed home will have a large living room, two bedrooms, both with en-suites, a kitchen and a third toilet.
Robin Howeson, a director of Savills Auctions, said: ‘It’s very unusual for an opportunity to pop up in the middle of prime Chelsea like this.
‘It has an estimate of £550,000 and build costs have been estimated at around £550,000 but at the end it should be worth around £1.6 million so it could be a really good investment.
‘At the end you’ll have a two-bedroom penthouse with good views. I could see it being bought by a developer or self-builder.
‘It is a really interesting project to be involved in.’
Research published last year suggested as many as 41,000 new homes could be built on rooftops in the capital.
The rooftop is a stone’s throw away from the trendy boutiques of the King’s Road and overlooks hundreds of exclusive properties worth upwards of seven figures
Plans for a new penthouse were approved by Royal Borough of Kensington and Chelsea Council in June 2013. The completed home (shown top left) will have a large living room, two bedrooms, both with en-suites, a kitchen and a third toilet