Wrecked Shack In Peckham Sells For Almost £1m

3 November 2015, 16:34

Peckham shack

A run-down "bungalow" in Peckham has sold for more than £900,000 after a frantic bidding war - even though it has to be demolished.

(Picture: SWNS)

Sold without any planning permission, the property had a guide price of £590,000 but the bidding grew so intense that it ended up selling for closer to a million pounds.

Amazingly, the average house price in Peckham in 2005 was around £300,000.

Savills sold the shack on behalf of Southwark Council, with the new owner expected to submit plans for redevelopment in the near future.

Chris Coleman-Smith of Savills said "There was quite a lot of interest in it and bidding started at £600,000, so people weren't messing around."

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