Tiny plot in London big enough for a garage goes on the market for £1
A tiny plot of land in West London that's big enough for a small garage or storage unit has gone up for sale for just £1, and it's been described as a "super urban investment opportunity" by Rightmove
A plot of land that is suitable for a one-bedroom 'modular dwelling' in London has hit the market for just £1.
The spot is going up for auction tomorrow, and is located in the glamorous borough of Ealing in West London. While its exact size has not been specified in its listing, the plot has been described as suitable for a garage, storage or modular development.
It even comes with plans for a potential residence should you be willing to take on the challenge of building yourself a tiny home in the capital. However, this could be a lucrative opportunity for the right buyer, as the average rent in the area is now a staggering £2,033 a month.
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The land's Rightmove description reads: 'A superb urban investment opportunity offering a potential for a variety of uses (STPP), including a 1 bedroom modular dwelling, lock up/garage or other uses which could be considered by the new owner.
'Bidders are encouraged to make their own inquiries with regard to any possible development potential in respect of planning and any other consents or rights over the land.
'There is an artist's impression of how a development on this site could look subject to planning application being approved by relevant local authority.'
The successful bidder, however, will have to shell out slightly more than £1, even if they manage to buy the land for less than the price of a chocolate bar.
They must also pay a 5% minimum deposit of £5,000 and an additional buyer's fee of 4.8% of the purchase price, which is a minimum of £6,000.
The land would therefore cost a minimum of £11,001, but all things considered, this is still a steal - and equates to less than six months of the average rent in the area.
Similar properties quite often go up for sale for just £1 - including a pair of modest-sized flats in Newcastle-upon-Tyne last year.
But, the flats required a lot of work, and were essentially ransacked on the inside, after the previous owner left their belongings in a sorry state.
The estate agent's preview video showed a TV and printer left slumped next to the kitchen oven, and the floor was left littered with cardboard packaging.
The living room contains piles of broken furniture and rubbish – with no carpet visible whatsoever thanks to the mess. A framed picture of Jesus sits on the floor of the room, which has also been littered with vinyl records, CDs and board game boxes.
Damaged brickwork surrounds wooden window frames which require more than a lick of paint. Other windows have been boarded up while another is covered by a ruined curtain.
Elsewhere, a bedroom looks largely untouched, filled with piles of VHS tapes and an old CRT TV. The listing concludes with a utility room with broken cupboards and more rubbish including an open can of beer.
The video was viewed more than 1,000 times, and saw a handful of people respond to its caption of, "Would you buy this property for £1?" – all of whom said they would. However, while the starting price at auction may be low, the house was always likely to sell for more.
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