'Uninhabitable' Kensington Flat On Sale For £595,000
Wednesday 27th August 2014
A one bedroom flat in south Kensington is on the market for nearly £600,000 despite being described as "uninhabitable" by the estate agent.
The basement flat in Stanhope Gardens is also leasehold - with the lease expiring in just 30 years' time.
On top of that, in the description for the property estate agents Hamptons International admit it is affected by vibrations from underground trains.
"The property is currently uninhabitable but would make a generous sized one bedroom flat or could with careful planning make a two bedroom flat," the description reads.
"The property is slightly effected by vibrations from underground trains. The property is held on a lease expiring on the 22.03.2044."
The flat faces onto Stanhope Gardens, where two bedroom flats are on the market for between £2.2m and £2.75m.
It is reported that an offer above the £595,000 asking price has already been put in.
James Wardle, Director of Hamptons International, Knightsbridge office told LBC the area is highly desirable and the flat has greatpotential.
"Stanhope Gardens is one of South Kensington’s most sought-after garden squares, with apartments selling for well over the £1m mark. 26a Stanhope Gardens represents a rare opportunity to fully modernise a home in what is a highly coveted residential pocket of SW7.
"Properties of this nature do not often come to the market and as such it attracted a great deal of interest and is now under offer for over the asking price – a reflection of the kudos of buying in a Grade II listed building, which with some work, has potential to become a good quality investment or attractive home. A buyer could expect to spend £350,000 to £400,000 to upgrade the property, inclusive of the cost of extending the lease by 90 years. With comparably sized properties in the locality selling for more than £1,000,000 this offers a potential for profit for someone who can see beyond its current state."