Bloomsbury plot expected to become luxury basement
It has no planning permission and lacks natural light. Yet a 1,975 square foot London basement has been sold to a mysterious buyer for over £150,000 in an auction.
The basement is beneath Queen Court, a 1930s apartment block in Queen Square, Bloomsbury, central London. The buyer paid £30,000 more than the reserve price of the plot.
The average house price for a one-bedroom flat in the area stands at £650,000.
Property experts at Savills, the sellers of the plot, expect the space to be turned into a luxury basement.
Chris Coleman-Smith, head of Savills auctions, said: “You hear about people digging beneath their mansions, so why not on something a bit different. With a shortage of space in London it makes sense.
“This unexcavated basement sparked the imagination of bidders, attracted to its scope for potential development and location in a vibrant enclave of central London.”
“It could be dug out into a residential property or offices. There are all sort of uses it could be put to, though admittedly it would be lacking in much natural light.”
“Even if the buyer chooses to do nothing with the land, there is still good potential for further capital growth.”
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