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This small plot of disused land could be one of the most expensive pieces of real estate in London.
The 0.8-acre site in the heart of Chelsea is on the market and may sell for as much as £75million.
If plans for building flats go ahead, the value of the development may exceed £250million.
The site, known as Alpha Place, backs onto the house in Flood Street where Margaret and Denis Thatcher lived for more than 20 years.
It formerly housed an electricity sub-station and was sold by power company EDF in 2003 for £24.5million.
It was bought by a property company, which won planning consent for 25 flats but was then taken over by another firm, which went into receivership this year.
The receiver has put it back up for sale along with the planning consent for the flats, which total 87,000 square feet, as well as a gym and health centre and underground parking.
A property expert, who asked not to be named, said: "This is one of the best and most desirable residential locations in the world. Prices of £3,000 per square foot and more have been achieved on new, state-of-the-art apartments like these.
"Developers who imagine they can build to sell at anything near £3,000 a square foot might be prepared to offer more than £75million for the site. The total value for the 25 private flats could be more than £250million."
The planning consent is valid until next March.
Under the agreement, the developer must build 13 affordable units on the site or 26 units elsewhere.
Simon Davidson of receivers Allsop, which is selling the site with Beauchamp Estates, said: "It is extremely rare for a site of this size and quality to be on the market.
"There are clear signs of improvement in the prime central London residential market and this sale will prove to be very significant for the sector."
Gary Hersham, director of Beauchamp Estates, said: "I am sure that there will be many interested parties, including overseas investors.
"Interest will not be limited to the normal developers and house builders."
Reader views (1)
Its the rich that getb the pleasure
#and the poor that get the blame
its the same the whole world over
aint it a bleedin shame..
- Clif, London, 10/09/2009 19:35
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