'Basement area' for sale in south London for just £5,000 - but you have to excavate the property yourself

23 April 2024, 12:46

The basement area is available for £5,000 - but hasn't been excavated yet
The basement area is available for £5,000 - but hasn't been excavated yet. Picture: Rightmove

By Kit Heren

A "basement area" has been put up for sale in south London for only £5,000 - but it comes with a significant catch.

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The property in Crystal Palace is "comprises a development opportunity to create a lower ground floor flat beneath an existing mid terrace house arranged over ground and two upper floors", according to the auction house selling it off.

That means that whoever buys it will have to "excavate the area below the ground floor in order to create a new self-contained flat", Auction House London says in the listing.

Not only that, but the buyer will need to get "all relevant consents" to do so, although the sale "will include freeholder's consent for any work at nil premium".

And when it exists, the flat will have some good selling points, the auctioneers say.

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"The property is situated on a residential road close to local shops and amenities", according to the listing.

"The open spaces of Norwood Grove Park are within easy reach.

"Transport links are provided by Norbury and Gipsy Hill rail stations."

The flat also still has 122 years remaining on its original 125-year lease.

Excavating a new basement space could cost £4,000 per square metre, in addition to all the legal fees and other costs associated with building a new flat.

So there is no guarantee it would work out cheaper than buying a basement flat that already exists.