Auction Week: Emerging Outer Prime SW2 - basement with planning for conversion to a studio flat
For sale: a void underneath a building!
For those with some expertise in creating something out of nothing this could be a great project. A bit unclear whether it still needs excavating, but one thing is certain; the end product is to be a desirable studio flat in “Emerging Outer Prime” Streatham Hill.
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Plans are here: http://planning-docs.lambeth.gov.uk/AnitePublicDocs/00549400.pdf
Studio flats on these roads should fetch in the region of £215,000 to £230,000. So with a potential resale of £215,000 plus a guide of £30,000 plus some legals and building work makes for a handy profit of £150,000plus. Unless of course the bidding goes crazy….
But, will planning permission be granted? There have been objections in the past on the road by the looks of things, so perhaps the vendor was wiser to await the decision before throwing this one under the gavel.
Interesting for the right buyer with the right experience to see it through.
So, if you're in the market for a good opportunity to develop something from nothing then have a look at this one.
Call me or drop me a line if you'd like to talk property. 020 3397 2099 or email firstname.lastname@example.org.
Happy investing folks.
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