A unique opportunity to purchase one of the most affordable properties in central London has surfaced, but as with many deals in the capital, there’s a catch.
Located at 1A, 9 Cumberland Street, Pimlico, SW1V 4LS, this raised ground floor room is listed with a guide price of just £70,000+ on RightMove.co.uk.
The property will be sold at public auction on 12th December 2024 at 09:00 AM, with the auction house urging prospective buyers to inspect the legal documents before the sale by visiting their website to download the legal pack.
This modestly priced room is situated in the heart of the highly sought-after Westminster area. With the open spaces of Warwick Square nearby and excellent transport links provided by Pimlico Underground Station (Victoria Line) and Victoria Rail Station, the location is certainly desirable.
The property is leasehold, held on a 125-year lease that began on 24th June 2007, leaving approximately 108 years unexpired.
Can you swing a cat in this apartment?
The room, measuring around 92 sq ft, is located on the raised ground floor of a mid-terrace building, which is arranged over lower ground, raised ground, and three upper floors.
The accommodation consists of a room and a shower, though the property is currently subject to a tenancy agreement.
Tenancy and Rental Income
The property is let under an Assured Shorthold Tenancy agreement, generating a rent of £1,436 per calendar month, equating to £17,232 per annum.
The catch: no residential planning permission
While the price may seem a bargain for a piece of central London real estate, it’s important to note that the property does not currently have planning permission for residential use.
This means potential buyers will need to rely on their own investigations and enquiries, and any plans to convert or repurpose the space for residential purposes would likely need to be approved by the local council.
This property offers an intriguing opportunity for those looking for a foothold in central London, but as always with the capital’s bargain buys, prospective owners should be aware of the limitations and potential challenges that may lie ahead.