Unnamed developer buys the ground below London block of flats for 150,000
As a mystery woman purchases essentially the underground of an apartment block in Bloomsbury for £150,000, it has to be questioned whether this is just madness or a good move to make in today’s increasingly difficult housing market.
It is in the literal sense a pile of rocks, mud, stones and debris from over the years. However, it is suggested that with the rapid incline of demand on the need for space and accommodation in the capital, developers purchasing the underground of other building to enable them to build below could become quite popular.
The ground was sold at auction for £30,000 over the suggested price. Apartments within the block in Central London cist around £650,000 and residential property in the area has reached a staggering value of £768,669, an increase of 15.8% during the current year. Although there had been no planning permission approved by the council as of yet, the purchase may allow the owner to create a basement accommodation, by building deep underground.
Mr Coleman- Smith, head of Savills auctions, said that “Even if the buyer chooses to do nothing with the land, there is still a good potential for further capital growth”.
Although, is it as promising as it seems? Experts have highlighted a crucial potential flaw that could be a hindrance to the possible value of the land, in that if a development was to take place, there would not be any access to any natural light and the underground accommodation would have no access to the above apartments. It would be more like a “warren than a family home”. There have also been several planning restrictions recently, with tighter rules on developments similar to this one. Westminster council, has since declared that it is “planning to restrict such developments because of the disruption they cause”.
Aislinn Devlin, Pali Ltd
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