Abandoned, moss-covered shed fetches $880,000 In London

The British capital continues to boast some of the world's most outrageous property deals

New York /
Nov.November 02, 2014 09:00 AM

A disused, moss-covered shed in London has sold for £550,000 ($880,000) — a testament to the capital’s insane property market.

House price growth in London is officially cooling according to new figures out Thursday. But even as rate growth slows, record prices in the UK are still being set.

British house prices rose 9% in October, down a bit from 9.4% in September, according to Nationwide Building Society’s monthly index. The Financial Times reported:

The average price of a house rose by 0.5 per cent month on month to £189,333, beating the previous high of £189,306 in August.

But £190,000 — about $304,000 — won’t get you very far in London, where prices have spiraled upward in a way that most people regard as slightly crazy.

To be fair to the shed — a garage in Chelsea hemmed in by existing buildings — it’s in a great neighborhood and sits on approximately 0.005 hectares (0.013 acres) of land.

This Google Earth map (below) shows you why it’s worth so much.

It’s on the fancy King’s Road, near to the Marco Pierre restaurant and Vivienne Westwood’s store. The trendiest neighborhood in London, in other words:

 

And while the garage looks a bit gloomy now, look at these imaginary architect renderings of what it could look like after you’ve built a 1,000-square-foot two-bedroom houseon the site:

 

The plot already has planning permission, which is why the sale was so expensive:

 

Related Articles

arrow_forward_ios
No. 1 Grosvenor Square (Lodha Luxury)

$185.5M London penthouse is UK’s second-priciest sale this year

$185.5M London penthouse is UK’s second-priciest sale this year
Ronnie Wood and his London home (Getty, Milton Stone)

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse
French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate
Rents are falling not only in New York but in cities around the world (iStock)

Rents fall in cities around the world

Rents fall in cities around the world
(Photo courtesy of Winkworth)

London’s so-called skinniest home hits the market

London’s so-called skinniest home hits the market
(Google Maps)

Buyers from Hong Kong and China are scooping up London’s luxury inventory

Buyers from Hong Kong and China are scooping up London’s luxury inventory
60 Sloane Avenue in London and Cardinal Pietro Parolin (Google Maps, Getty)

Top Vatican officials approved London property sale under investigation

Top Vatican officials approved London property sale under investigation
Number 22 Bishopsgate

Trophy office towers could become a thing of the past in London

Trophy office towers could become a thing of the past in London
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...