A derelict home in one of London’s most exclusive enclaves has sold for £500,000 over the asking price of £5.75 million after a fierce bidding war between three families.
In the heart of St John’s Wood, a sought-after neighbourhood that counts singers Rihanna and Robbie Williams as well as acting stars Damian Lewis and Helen McCrory among former residents, the eight-bedroom home is in need of total renovation.
The three bidding families live in the immediate area and know Grove End Road well, according to Aston Chase who were joint agents with Arlington Residential.
Having offered a staggering £500,000 over the asking price, the winning buyer is set to embark on their own Grand Designs-style project and hopes to either refurbish the house or demolish it entirely and build a new two-storey home in its place.
If the latter proves to be the case, demolition costs aside, the buyers will have paid well over £6 million for a plot of land. A sum even the foolhardiest Grand Designs enthusiasts might baulk at.
However, even at the sold price of £6.75 million the property is still well below the prices commanded by homes less than a mile away in Avenue Road – London’s most expensive street – where a few very high-value sales pushed the average price to an astonishing £30.5 million last year.
Like many homes in the exclusive postcode, Grove End Road house is set on a private drive, behind security gates and surrounded by a large 80ft garden.
As well as its eight bedrooms and six bathrooms, it also has seven reception rooms, a wine cellar and an artist’s studio.
“This dilapidated property hit a chord with numerous applicants who were attracted by the opportunity to create their own home resulting in the competitive bidding process,” says Mark Pollack of Aston Chase who, along with Arlington Residential, showed nearly 50 potential buyers around the property in under two weeks.