The 550 square foot boiler room in the basement of a central London mansion block is going to be auctioned with a guide price of £250,000 - because it has consent to be converted into a residential unit.
The Mirror reports that the boiler room will be auctioned by Savills in mid-December with proposals for it to be converted to a one bedroom home with an en-suite shower room and an open-plan kitchen/living room. There will also be a hallway with space to store a bicycle.
The newspaper reports that it is in the same Victorian apartment block, near Great Ormond Street, that an unexcavated basement recently sold for £150,000.
A Savills spokesman is quoted as describing it as "an exciting development opportunity" which is “located in Bloomsbury, a sought after area of central London where the average price of property has reached £768,669.”
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What is wrong with the world? Seriously, what is wrong with the world?
Two hundred and fifty thousand bleeding quid for a boiler room in a basement, are you 'avin a larf? Please tell me it's April Fools today. Please. Anyone?
The market dictates, Jon. If someone is willing to pay a quarter of a million, then Savills are well within their rights to charge a quarter of a million. If you don't like it, go move somewhere where free will and choice aren't so high up on the agenda. I think you'd be happier there.
The London market really does baffle me, quite how extortionate house prices have become is so disappointing for buyers who are considering moving into the area, but are restricted by the ridiculously steep deposit requirement.
Buyers and renters would be much better off moving south to Brighton, Southampton, Portsmouth; here the prices are lower, and homeowners are still able to get into the capital in no time at all.
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