5 Aug

Garden sells for £1.25 million

Garden sells for £1.25 million

A patch of land in London has sold for £1.25 million at auction, despite being valued at £100,000.

The 45 ft plot generated a lot of interest because it is located in the capital's popular Primrose Hill area.

Located at the rear of a house on Elsworthy Terrace, the garden has no planning permission and was offered for sale with a guide price of £100,000 to £150,000.

However, with homes on the street selling for around £2,000 per square foot, the auction led to someone paying £1.25 million - plus £68,750 in stamp duty.

It is unclear what the unnamed buyer plans to do with the 20 metre square plot - but given it is surrounded by houses it could be difficult to get planning permission for a residence.

Mark Pollack, estate agency Aston Chase, said the price tag could have purchased a two-bed in the region.

He added: "Elsworthy Road is a bit under the radar but it is still hugely appetising as houses back onto Primrose Hill. Houses are also architecturally attractive.

"My feeling is it has been bought by someone who will annex it as a garden. If it has been bought by someone to build on it then I think it is speculative and risky."ADNFCR-1222-ID-801796591-ADNFCR

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