A section of pavement in north London has sold at auction for £125,000 – more than £100,000 above its reserve price.
The 560 sq feet of high street near Islington Green, in a busy central location by Camden Passage, was described by auctioneers Savills as “with potential”, but it is not clear what the buyers plan to do with it.
Describing lot 153, where there was once a building, the auction guide continued: “There may be potential for a variety of uses such as Saturday market stalls, mobile coffee shop, advertising or re-establish the former building subject to the requisite consents”.
It was sold by a property company which had owned it since 1968 at a sale on Monday, where it quickly bust through its reserve price of £4,000 and eventually changed hands for more than the cost of an actual home in some parts of the country.
Chris Coleman-Smith, head of Savills auctions, said: “This unusual patch of land offered auction bidders the opportunity to invest in Islington for a fraction of the price of a property.
“The pavement area could simply be held as an investment, or potentially used for commercial purposes such as a location for Saturday market stalls or a mobile coffee shop subject to the requisite consents.”
According to the Land Registry, the average price of a property in Islington rose by 10.9% to £671,321 in the year to April.
