Empty loft to go under the hammer for £150k: Hanwell 'space' has consent for one-bedroom flat

Selling the top floor of their house could be a great way for London homeowners to get a cash injection, while creating more homes in a city desperate for more affordable property.

One of the most unusual lots going under the hammer at the next Savills auction on November 1 is a loft space in the west London district of Hanwell.

The 565sq ft space comes with planning permission for a one-bedroom, self-contained flat for a guide-price of £150,000.

It potentially offers great value, as one-bedroom flats in Hanwell are currently listed for sale from between £285,000 and £460,000.

Next to the Piccadilly Line's Boston Manor Tube and Hanwell station, it's close to good train links. Hanwell is also on the Elizabeth line, and once it opens in 2018 the flat will be 15 minutes from Bond Street and 11 minutes from Heathrow.

However, the space will require significant cash investment, as well as know-how, to make into a home.

"As well as renovating the space, the buyer will need to build a rear staircase up to the attic," explains Chris Coleman-Smith, head of Savills auctions. "A couple of houses along the street have done a similar thing."

Getting all the legal paperwork checked ahead of an auction is good practice as properties can have legal issues which may affect the value of the property and the ability to raise finance.

Fortunately, many solicitors will check the auction legal pack for a nominal fee prior to bidding and if successful this fee is usually deducted from the final bill.

ONES TO WATCH
Another unusual property in the auction is a garage in the prime central London district of Marylebone - which is the size of a small studio flat - set to go under the hammer with a guide price of £135,000.

The 320sq ft garage is part of the ground floor of an end-of-terrace building in Devonshire Street, close to the Regent's Park.

Meanwhile, a property on the side of an end-of-terrace house in Hither Green is a renovation opportunity. The freehold one-bedroom property has space for a reception-kitchen on the ground floor, plus a bedroom and bathroom on the first floor.

However, neither the kitchen or bathroom are fitted so the buyer must be prepared for major installation and fitting costs.

Close to Lewisham High Street and Lewisham Park, the property will be a steal if it sells for close to the £100,000 guide price, as one-bedroom flats in the area are typically listed for between £225,000 and £425,000.

However, Coleman-Smith believes that's unlikely to happen. "It's quirky, so you might be surprised by this interest this property receives. Plus, it's freehold which buyers love, as they don't have to pay service charges," he says.

The Savills property auction is at The Marriott Hotel, Grosvenor Square, W1k 6JP; November 1, at 9am; savills.co.uk/auctions