This little patch of grass earns more than an average UK salary for owner

May 9, 2014 at 2:44 PM 2 comments

A small patch of grass in central London has made its owner more money than most people in Britain earn in a year after being snapped up at auction.

09.05.14 Chelsea

The lawn – measuring just 55ft by 40ft – in Chelsea was reportedly bought by a foreign owner this week for £84,000.

It last changed hands in the autumn of last year for £53,000, an increase of £31,000 in just nine months.

And this is despite the area having no planning permission for development.

Christopher Coleman-Smith, director of national auctions at estate agents Savills, which is handling the sale, said: “The new owner can do what he likes with it. I suppose he could put up a marquee when the flower show comes around.

He went to tell Zoopla: “Little bits of London, such as this, are in scarce supply and people want to get their hands on their own little piece of Chelsea.

“City environments can easily change and so this could be a very long term investment bought with grandchildren and inheritance in mind – who knows what it might be possible to do with it in 20 years time.”

Properties for sale in Chelsea for less than £250,000:

1. Leasehold garage for £8,500

09.05.14 Chelsea 2

2. Commercial property, suitable for redevelopment for £225,000

09.05.14 Chelsea 3

3. Two bedroom motor yacht, currently lying at Chelsea Harbour marina with moorings available to the buyer for £165,000

09.05.14 Chelsea 4

 

Entry filed under: General News. Tags: , , , .

Think tank predicts the house price boom has years left House price rate to ‘double this year’ amid forecasts of interest rates rising in early 2015

2 Comments Add your own

  • 1. Giuseppe  |  May 9, 2014 at 4:28 PM

    Excellent way for opening a saving account for wealthy people, as long as the price bubble is holding…

    Reply
  • 2. XanderMatthew  |  May 10, 2014 at 6:05 PM

    Reblogged this on XanderMatthew Estate Agents and commented:
    London prices really are crazy

    Reply

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