18 Foot Wide Storage Site Auctioned for £466,000

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Site off Fulham Palace has planning permission for two bedroom house

A storage site on Delorme Street off Fulham Palace Road, measuring just 35 feet by 18 feet, has been sold at auction for an astonishing £466,000.

The priced paid for the vacant site, which has planning permission for a two-bedroom home, was almost twice the original guide price of £250,000.

Auctioneer Savills described the lot as: " Site rear of 209-211 Fulham Palace Road, Hammersmith, London, W6 8QXA former garage/storage site of approximately 570 sq ft with planning permission for a two bedroom house, in popular and convenient location - Vacant."

However, the planning permission which was an obvious attraction for the buyer is as follows:

PlanningPermission (Appeal Ref: APP/H5390/W/15/3032604) was granted on 10th November 2015 in accordance with the terms of application 2015/00349/FUL, dated 24th January 2015 made to the London Borough of Hammersmith and Fulham for the construction of a two storey and lower ground floor two bedroom dwelling house.
The proposed development provides for a total gross internal floor area of approximately 800 square feet.

While the site is just 35-foot deep, auctioneers estimate the total site area is 570 sq ft and has the potential for a proposed development of 800 sq ft.

Some experts were scornful about the winning bid. Agent Henry Pryor told the Guardian: " This is the sort of site that professional and amateur builders crave.

" A clutch of aspiring Kevin McClouds will have been bidding up the price faster than the professional builders could suck their teeth at the levels it reached.

" There is no real margin for a developer to make a profit and in the current market there are few who would be brave enough to bid strongly enough."

Two bedroom homes in the area are currently for sale for £1 million and above.

May 10, 2016