UK

Chelsea Garden Sold For £53,000, Over Double Asking Price

25/09/2013 17:14 BST | Updated 25/09/2013 17:25 BST
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A London garden, measuring just under 200 square metres, has been sold for £53,000 at auction.

The restrictive "rights to enjoyment" mean that the garden is effectively unusable, as it cannot be built upon, nor can the owner do anything with it like use it to host a barbecue.

The internal courtyard, surrounded by apartments, at 2-18 Sprimont Place in Chelsea was originally set for auction at £25,000 but fetched over double its asking price. The buyer is understood to not be a resident, Estates Gazette reports.

The sale of the internal courtyard, measuring just over 2,000 square feet, took place at Allsop's residential auction at the Cumberland Hotel on Tuesday.

The garden's sale, measuring less than a twentieth of a hectare, comes after a Chelsea parking space was put on sale in September for £300,000 and a converted garage was put on sale as a "one-bedroom studio" for £250,000

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Allsop auctioneer Gary Murphy said: "There’s a very active trading market that’s emerged among dealers, traders, investors and speculators. We’re getting back to the seller profile we saw pre-Lehman.”