25 Nov

London shed sells for £1m

London shed sells for £1m

A rundown shed in Peckham has sold for £920,000 at a recent property auction.

The property had been vacant for 13 years and had a guide price of £590,000 - but its prime location meant there was strong interest from bidders.

It is likely the post-war property will be demolished and replaced with a new development that will take advantage of its location close to the up-and-coming area around Bellenden Road and Peckham Rye station.

Chris Coleman-Smith, a director and auctioneer at Savills, told BBC News: "There was quite a lot of interest in it and bidding started at £600,000, so people weren't messing around. It was a good result and there is certainly scope for the buyer to achieve a good return."

Prior to sale the property was owned by Southwark Council and the total plot size is close to 0.6 acres of land.

Councillor Richard Livingstone, cabinet member for housing at Southwark Council, explained the funds raised from the transaction would help to fund the creation of new homes in the borough, as well as upgrading current local properties.  ADNFCR-1222-ID-801806579-ADNFCR

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