A garage in an upmarket part of London is expected to sell for a whopping £280,000 at auction next week.
And the timber-built lockup, in Kensington, is set to be bought by a savvy investor and turned into a pint-sized house worth more than £1million.
Earlier this year, planning permission was granted to demolish the garage and replace it with a one-bedroom mews house with a below-ground floor.
The proposed mews home, on Lexham Gardens, will have around 600 square feet of floor space, which is around one-third less than the average new build in England and Wales.
A tiny and dingy garage on Lexham Gardens in Kensington is set to sell for £280,000 at auction next Tuesday
Earlier this year, planning permission was granted to demolish the garage and replace it with a one-bedroom mews house with a below-ground floor
The timber-built lockup, in Kensington, is set to be bought by a savvy investor and turned into a pint-sized house with one bedroom and is estimated to be worth more than £1million once finished
The home will be almost unique in the area, with very few one-bedroom houses built in Prime Central London
Earlier this year, planning permission was granted to demolish the garage and replace it with a one-bedroom mews house with a below-ground floor. Pictured: Approved plans of how the home could look
The bedroom and bathroom will on the below-ground floor so the height of the two-storey property does not exceed that of the garage it will replace.
The basement will feature a bedroom with a lightwell, shower room, utility room and a second toilet.
On the ground floor there will be an open plan living room and kitchen.
The home will be almost unique in the area, with very few one-bedroom houses built in Prime Central London.
Research from Lonres, a property data firm, says that over the past 20 years, 97.6 per cent of one-bedroom properties sold in the area were flats.
It will likely be one of the cheapest houses in the area, with the average house in the W8 postcode selling for a whopping £4.84million, according to Lonres.
The garage, which has been given a guide price of £280,000, will be sold by Savills Auctions on March 27 at The Marriott on Grosvenor Square in London.
Research from Lonres, a property data firm, says that over the past 20 years, 97.6 per cent of one-bedroom properties sold in the area were flats
The basement will feature a bedroom with a lightwell, shower room, utility room and a second toilet
The bedroom and bathroom will on the below-ground floor so the height of the two-storey property does not exceed that of the garage it will replace
The tiny garage is next to a several storey home and next to a quaint road in Kensington
And the eyes of any potential investors will light up when they look at the sums involved.
With the average house in the area selling for around £1,706 per square feet, the proposed property could have a potential value of around £1,023,000.
Chris Coleman-Smith, director of Savills Auctions, said: ‘The garage is in a red-hot location and it has planning permission, so it is a rare and really interesting opportunity.
‘There aren’t many areas in central London where you can buy a plot of land and build a house.
‘It is a large garage at the moment but I think it will appeal to a developer or a self-builder.
‘It is potentially going to be a £1 million home when it is finished.’
With the average house in the area selling for around £1,706 per square feet, the proposed property could have a potential value of around £1,023,000
Chris Coleman-Smith, director of Savills Auctions, said: ‘The garage is in a red-hot location and it has planning permission, so it is a rare and really interesting opportunity’
The proposed mews home, on Lexham Gardens, will have around 600 square feet of floor space, which is around one-third less than the average new build in England and Wales
Chris Coleman-Smith, director of Savills Auctions, added: ‘It is a large garage at the moment but I think it will appeal to a developer or a self-builder. ‘It is potentially going to be a £1 million home when it is finished’