A derelict semi-detached house in Chiswick which is on the market for £1.8m could be worth £3.2m once it is refurbished and extended, the selling agent says.
The house is being sold following the death of the owner. It has not been updated for 60 years and is in a poor state of repair.
The agent, Euan Rollo, of Savills told Metro that spending around £1m on the £1.8m property would result in a likely market vale of £3.2m He adds: “I’ve worked in agency for over a decade and I’ve never come across a home as unmodernised as Airedale Avenue.
“It has to be one of the last remaining opportunities to redevelop a home in one of west London’s most desirable streets and since launching yesterday, we have already received significant interest and enquiries.”
That a renovated property in London is likely to go on the market for £3.2m will not come as a surprise to most. However, that spending £1m on a £1.8m property could earn a shrewd developer a £400,000 profit – even in the current market – most likely will.