A plot of land that is suitable for a one-bedroom ‘modular dwelling’ in London has hit the market for just £1.
The spot is going up for auction on Thursday (April 24) and is located in the desirable borough of Ealing, West London, as reported by Luxury Property News.
While its exact size has not been specified in its listing, the plot has been described as suitable for a garage, storage or modular development.
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It even comes with plans for a potential residence should you be willing to take on the challenge of building yourself a tiny home in the capital.
However, this could be a lucrative opportunity for the right buyer, as the average rent in the area is now a staggering £2,033 a month.
The land’s Rightmove description reads: “A superb urban investment opportunity offering a potential for a variety of uses (STPP), including a 1 bedroom modular dwelling, lock up/garage or other uses which could be considered by the new owner.
“Bidders are encouraged to make their own inquiries with regard to any possible development potential in respect of planning and any other consents or rights over the land.
“There is an artist’s impression of how a development on this site could look subject to planning application being approved by relevant local authority.”
The successful bidder, however, will have to shell out slightly more than £1, even if they manage to buy the land for less than the price of a chocolate bar.
They must also pay a 5% minimum deposit of £5,000 and an additional buyer’s fee of 4.8% of the purchase price, which is a minimum of £6,000.
The land would therefore cost a minimum of £11,001, but all things considered, this is still a steal – and equates to less than six months of the average rent in the area.
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