Would you spend £2.5 million on a doer-upper? What if you stood to make £1 million profit?!
A crumbling one-bedroom London property described as ‘beautifully derelict’ has been put on the market with a staggering £2.5 million price tag.
The dilapidated mews house, located in the prime location of Little Venice in West London, is currently the most expensive one-bedroom property for sale on Rightmove. It is up for sale for almost ten times the average house price in England and Wales, which is somewhat shocking considering the state of the property…
While some aspects of the interior and exterior decor reflect the popular industrial trend, such as the exposed brick walls and faded paint on the wooden doors, other parts are just plain run down, with crumbling plaster, leaky ceilings, and ancient brown carpets. It certainly needs a lot of work!
Despite the condition of the building and the enormous price tag, it could prove a strong investment for those with money in their pockets. Planning permission-dependent, it could be extended both upwards and downwards, as other houses on this street have been, converting the house into a three or four-storey home.
With extensive conversion and restoration, agents Lurot Brand believe the house could be extended from 1,484 to 2,700 sq ft – increasing the property value to £4 million. So even if an investor spent half a million on work, they could still make themselves a handsome £1 million profit.
Read more: How to add value to your home
Mews properties were originally used to house servants and horses, but have grown in popularity over the past 40 years among homebuyers looking for a quirky home. An estimated 90 per cent of mews properties in London are now residential homes. This mews street has had a particularly trendy past, with residents including Boy George and Marilyn, and The Sex Pistol’s front man Sid Vicious.
Do you think it’s worth the investment?
Image credits: James Baily/Lurot Brand