A single story garage in Hackney has gone on the property market for just under £360,000 this week.
The building, which is located in Springdale Mews, Stoke Newington, is no more than 32ft deep by 20ft wide with an internal area of 640sqft, and is noticeably run-down and damaged. Yet Courtneys estate agents, who are advertising the property, have described the sale as “rare opportunity” that “could be a good investment”. The advertisement suggests that buyers book “an early inspection to avoid disappointment”.
Courtneys said: “We believe that this property can be developed into a two storey three bedroom mews house”, noting that average property prices in the area are rapidly increasing to more than £614,000. Buyers looking to make a profit must be warned, however, as the garage sale does not come with any agreed planning permission.
A similar garage space on the same road was converted into a home in 2007 and is now being rented out for £350 a week. But with the rapidly changing post-recession housing market, it is not guaranteed that buyers would be able to develop the Springdale Mews property in the same way now.
A spokesperson for Courtneys said: “You won’t find a property in N16 for £350,000. Not in this area. I would say a three-bed ex-council would be about £460,000 at least.”
“I know it seems crazy, but that’s just the market. It could be a good investment.”
According to Hackney blog LovingDalston, house prices in the borough have risen by 621% since 1995, making Hackney one of the most dramatically changing areas in the country in terms of property demand.
Unusual property sales such as the Stoke Newington garage are thought to increase as buyers fight to secure a place within the growing market.
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