Homeowner shows there is cash in the attic by selling his loft space for £130,000

February 27, 2015 | by | 0 Comments

A homeowner has brought new meaning to the phrase ‘cash in the attic’ – by selling her LOFT for a staggering £130,000.

The house in Kensington where the owner is selling her loft sapce (SWNS)

The house in Kensington where the owner is selling her loft sapce (©Rightmove/SWNS)

The space was in a two-storey detached property in exclusive Kensington, London, that had previously been converted into flats.

It has remained empty and while planning permission to convert it into a one-bedroom flat was awarded in 2009, this has now lapsed.

But it didn’t stop around 250 people registering their interest in the unusual lot when Auction House London announced it was up for sale.

The attic, which has 450 sq/ft of space, was offered with a guide price of £80,000.

A full-scale bidding war broke out among around 20 people with the buyer paying £130,000 for the empty space.

More than 400 people packed into the Everyman Cinema in Belsize Park, North London.
to watch the sale.

Architect’s plans for the attic conversion of a property in Kensington (SWNS)

Architect’s plans for the attic conversion of a property in Kensington (SWNS)

The seller, who was too nervous to watch the sale, was “ecstatic” when a member of staff phoned to tell her the result.

Andrew Binstock, director of Auction House London, described the result as “unbelievable”.

He said: “I have sold thousands of properties over the years but I can’t remember selling a loft space.

“More than 200 people registered their interest in the lot, and we probably had around 20 bidding on it.

“It broke out into full-on bidding war. People want to buy property in prime areas. Lots like this are hard to value  It was an unbelievable result.”

The sale could prove to be an shrewd investment for the buyer, who is a property developer.

If he gets planning permission and converts the loft into a flat, it could be worth upwards of £450,000.

Category: News, Property

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