UK
25/02/2014 16:36 GMT | Updated 25/02/2014 17:59 GMT

Former Coach House In London Sold For £318,000 At Auction

LambertSmithHampton

A former coach house in St John's Wood, north London, has been sold for more than £300,000 at auction - three times its asking price.

The two-storey unit on 1 Lithos Road, which used to house horse-drawn carriages, was sold for £318,000 on behalf of Camden Council by auctioneers Lambert Smith Hampton.

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The property, at 466 square foot, is about half the size of an average British home and was put on auction on Monday at an £100,000 guide price.

The former coach house is believed to have been sold to a north-west London based investor who could potentially knock it down to turn it into something else, such as housing, according to Estates Gazette.

The current tenant, a bookseller, is understood to pay £3,400-a-year for the property, which he has been using to store lots of cardboard boxes.

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So the new owner may need to have a bit of a clear out before deciding how to reuse the new purchase.