Ruined shed in Peckham sells for nearly 1 million pounds

Posted: 06/11/2015

After a fierce bidding war, a derelict property in Peckham - that has not been occupied for thirteen years- has been sold for just shy of £1,000,000. The rundown ‘shed-like’ house had a suggested selling price of £590,000 but was sold at auction for a staggering £920,000. This is almost twice the average price of houses on the street.

Its main selling point was that it is located near to the cafes and shops along Bellenden Road and Peckham Rye station. Although the ruined home is in such a state that it will need to be demolished. Despite this, there certainly has not been a lack of interest, even though it was sold with no planning permission for any possible redevelopment.

The area is believed to be a “hotspot” and the buyer will have a good opportunity to make a decent return on the property. The house was owned by Southwark Council prior to its recent sale and it comes with 0.6 acres of land. Councillor Richard Livingstone explained that “the money from the sale would be used to help create better homes for residents in the borough”.

Aislinn Devlin, Pali Ltd 

www.paliltd.com

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