Run-down GARAGE in middle of north London ALLEY goes on sale for staggering £350,000
NOT many properties in London are available for £350,000 - but then again, not many are a run-down GARAGE in the middle of an ALLEY.
From the outside it may look like it needs a bit of love, but the estate agents selling this building insist that it is in fact an incredible property investment - despite its staggering price-tag.
The 640 square foot garage is situated in Stoke Newington, north London and is just a mere five miles from the capital's West End.
But the key selling point to this property is that it has the potential to be transformed into a home.
Buyers are being told that this dingy property can be "developed into a two-storey, three-bedroom mews house" - but here's the catch - there is currently no planning permission for it.
However, if it can be transformed, then it could provide a nice source of income.
A similar garage in the same street was converted into a home seven years age and now earns the owner a tidy £350 in rent a week.
Or, if you are just after a bargain, estate agents Courtneys are certain that this property is an absolute steal considering the average house in the area costs more than £600,000.
Courtneys said: "We are delighted to offer for sale this rarely available single storey garage premises in this quiet mews road just off Green Lanes.
You won't find a property in N16 for £350,000 - not in this area
"The property has a footprint of approximately 32ft deep by 20ft with a gross internal area of 640 square feet."
The firm adds that there are "numerous bus routes to the city and beyond on the doorstep."
A spokesman for the firm 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."
Believe it or not, this is not the first time that a ludicrously expensive garage has gone on the property market.
Four months ago, a neglected garage next to a south London industrial estate became the most expensive garage ever to sell in Britain.
The building - described as an empty shell - sold for a whopping £550,000 - almost triple the guide price - after an intense bidding war.
Before that, the previous record for the most expensive garage sold was held by a garage near Harrods in Knightsbridge which sold for £525,000.