Great Britain

Collapsing townhouse once listed for £1m hits market at bargain £400,000 – but needs A LOT of work inside

DOER UPPER

A COLLAPSING townhouse once listed for over £1 million has gone on the market for £400,000 in Brixton, south London.

For the hefty sum, potential buyers can bag themselves the four-storey, five-bedroom terrace house that has been derelict for 30 years on one of Brixton's most cosmopolitan streets, Coldharbour Lane.

Despite a lot of work needing to be done - agents are expecting bids for the property to begin at just under half a million.

All of the windows at the property are either smashed or boarded up, the doorway is blocked by a metal grill and the ground floor, which is partially falling down, is held up by scaffolding.

Auction House London, who are putting the unorthodox house up for sale, are hoping it will be snapped up by eager developers.

The townhouse may be converted into luxury flats if bought by keen property developers.

COLLAPSING TOWNHOUSE

Director of Auction House London, Andrew Binstock, said: “The property has been empty for approximately 30 years and it requires a full program of works.

“It comprises a mid-terrace house arranged over lower ground and three upper floors.

“It is offered in shell condition, but there’s the potential to convert it into three flats subject to planning permission.

“The seller wishes to remain anonymous.”

Despite the steep guide price of £400,000, potential buyers might be grabbing themselves a bargain as the last time the property went on the market in 2014, it welcomed offers in excess of £1,150,000.

The Victorian townhouse is located in touching distance of the sought-after neighbourhoods of Denmark Hill and Camberwell - where properties are regularly snapped up for half a million pounds.

The property is also conveniently positioned within five minutes walking distance of Brixton Underground Station.

The house is due to be sold off at public auction on July 30 at midday.

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