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

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

TRD 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
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
Sir Frederick Barclay and the Ritz London (Photo by Kirsty O'Connor/PA Images via Getty Images, Ritz London)

Sabotage, secret cameras and intrigue: Inside the Barclay family’s feud over the London Ritz

Sabotage, secret cameras and intrigue: Inside the Barclay family’s feud over the London Ritz
550 Kings Road (Credit: Google Maps, Wikipedia)

A 17th century London estate once home to the Queen Mother is on the market for $61M

A 17th century London estate once home to the Queen Mother is on the market for $61M
Vatican police have been raiding church officials’ offices (Credit: iStock)

Vatican police raid another Holy See official over botched London property deal

Vatican police raid another Holy See official over botched London property deal
Cheung Chung Kiu is no stranger to big real estate deals (Credit: Wikipedia)

Mysterious billionaire who bought $262M London mansion is obsessed with blockbuster real estate deals

Mysterious billionaire who bought $262M London mansion is obsessed with blockbuster real estate deals
Daniel Daggers is out at Knight Frank (Credit: Getty Images)

One of the UK’s top agents marketed a mansion like a US broker. He was fired

One of the UK’s top agents marketed a mansion like a US broker. He was fired
Cheung Chung-kiu and 2-8a Rutland Gate in London (Credit: Wikipedia, iStock)

London megamansion sale bests NYC’s $238M condo record

London megamansion sale bests NYC’s $238M condo record
arrow_forward_ios

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

Loading...