London property market shows no signs of slowing down as alleyway sells for £260,000
10-31-2014
London's property market is showing no signs of slowing down after an alleyway sold for £260,000.
The space between a charity shop and a Starbucks on Northcote Road in Battersea was snapped up for almost five times its original guide price of £55,000.
The buyer now has the option of developing the passageway into a residential or artist's studio as it comes with planning permission.
But it will be a tight squeeze for whoever eventually inhabits the narrow space - which stands at just 900 square feet.
For the same price, property hunters could purchase a five-bedroom semi-detached house in Manchester or a four-bedroom family home in Suffolk.
In an online description, Savills Auctions said the potential property offered "local amenities along the length of Northcote Road, including its popular street market".
The site is also close to Clapham and Wandsworth Commons.
Chris Coleman Smith, director of Savills Auctions, said he was only a "little bit" surprised by the amount the alleyway sold for as it had "attracted a lot of interest".
He told the Standard: "This is a classic example of a property finding its value in the auction room. The area around the property is red hot. We have sold all sorts of stuff over the years but this is maybe one of the most unique lots."
The sale highlights an ongoing trend for narrow homes in the capital as London's housing crisis continues.
Meanwhile a potential home in Brockley which is just 144 inches wide was on sale for £490,000.