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Digging deep: extending the basement

A site in South East London has been sold at a recent auction for £27,000. With the average price in the area an estimated £501/ft² the 400 sq ft site seemed like the perfect acquisition for somebody looking to secure their place on the property ladder.

See also: Buying a property at auction

Upon inspection of the particulars it was noted the site was marketed as “A vacant front basement suitable for redevelopment (subject to obtaining all necessary consents)” and prospective buyers were told, “There will be no internal viewings due to lack of access (excavation required)”. Meaning it was still just gravel and dirt! Full details of the site can be found here.

As this is not the first sale of its kind, it suggests that freeholders are starting to see the unused land beneath their building as a potential sale opportunity and are looking to cash out.

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