Chelsea flat for £240,000... but needs work

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

This property has an SW3 postcode and is up for auction with a guide price of just £240,000.

The only problem is it has remained largely unchanged since the Second World War.

The first-floor studio flat is part of a four-storey purpose-built block set around a landscaped square behind Cheyne Walk.

According to the auction catalogue, the interior decoration is "dated" and needs upgrading.

The property comprises a studio room with a bed recess, kitchen and bathroom. It has a 125-year lease and the ground rent is £250, although this is likely to rise.

The studio, which will by sold by auctioneers Savills on 11 February, and the rest of the block is owned by the Peabody Trust Housing Association. The block, in Lawrence Street, is in desperate need of modernisation and the association needs to sell the flat to finance refurbishment of the remainder.

Auctioneer Chris Coleman-Smith said: "This really is a great find and would make a perfect pied à terre."

A survey of property websites reveals the cheapest flat for sale in SW3 is a one-bedroom flat in Egerton Gardens, which is on the market at £195,000.

It is a third-floor apartment but there are only eight years remaining on the lease.

Noel De Keyzer, of Savills' Sloane Square office, said: "Flats of this kind in Chelsea will always be a good investment because they are scarce, while also being ideal for someone who has a country house but needs a London pad either to buy or to rent.

"If done up nicely, I estimate the auction flat would be worth at least £400,000 in this superb location. I expect it to sell for well over the guide price."