It may look like a dead-end, but for one investor this alleyway in west London has potential – at least enough to attract a bid of £2,200 at auction.
The passageway is between a pub and fast food shop and was described in the auction catalogue as “approximately 357 sq ft, well located close to shopping and recreational amenities of Shepherd’s Bush – vacant”.
The strip of land off Askew Road was sold off by a construction company and went up for sale without a reserve price. The head of Savills auctions, Chris Coleman-Smith, said unusual London lots were becoming increasingly popular.
“With the average price of property in the capital now exceeding £500,000, buyers are often on the lookout for new ways to access the market for less,” he said.
Coleman-Smith said Askew Road was “beginning to become a destination in its own right”.
“While the creation of a residential, office or retail unit in this space is highly unlikely, it could work well as a place for a pop-up shop or be rented out to neighbouring businesses subject to the requisite consents,” he said.
Earlier in the auction, two plots of land in Kingston upon Thames sold for four times their combined guide price, suggesting the property market around London is still going strong.
Lots 48 and 49 sold for a combined total of £1.95m from a £390,000 guide price. The land, which was sold by Thames Water, was described in the auction catalogue as having “development potential”.
In 2014 a passageway in Clapham sold for £260,000, its price buoyed by planning permission for a studio flat.