A small car park in London’s Notting Hill
which is currently up for sale for £2m could be worth £10m once it is
redeveloped into an iceberg house, a report claims.
Homes & Property say that the ‘tennis court sized’ plot is currently a car park for the two Michelin-starred Core restaurant. However, it is now on sale with planning permission to build a four story, five bedroom townhouse including a two level iceberg-type basement featuring a pool and gym. Homes & Property forecast the £2m building plot could be worth £10m once redeveloped.
James Donger of Savills’ London development team told the site: “This site presents
the opportunity to create a unique, expansive and private family home in one of
Reports of parking spaces and even garages selling for stellar sums were relatively common in the heyday of London’s booming property market. However, while this is indeed a sought after area it is not Mayfair or Belgravia and so £2m for a plot with potential to develop a house worth £10m seems a big stretch in today’s market. How quickly and for how much it sells will perhaps provide a handy barometer of the current property and development market in London.