Derelict mews house in celebrity street on sale for high price

Sid Vicious and Nancy Spungen once lived in Pindock Mews in Little Venice

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Derelict mews house on sale for high price

With its leaky ceilings, unplastered walls and antiquated electrics, you could be forgiven for thinking this tiny one-bedroom mews house might come with a meagre price tag.

But you'd be wrong. Described as "beautifully derelict", it's actually on the market at a staggering £2.5 million - and property agents reckon that makes it a bargain.

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Its hefty price tag has to do with it being one of the last unmodernised mews houses in 'Prime Central London', according to an estate agency which specialises in such properties.

The one-bedroom home is also situated in Pindock Mews, Little Venice, a street previously lived in by the likes of punk couple Sid Vicious and Nancy Spungen, as well as Boy George and Janet Street Porter.

Mews properties were originally used to house staff and horses before becoming popular among businesses such as mechanics.

However, over the past 30 to 40 years they have become extremely desirable family homes, with buyers loving the quirky designs and cobbled streets.

Credits: Lurot Brand / SWNS

The pretty street in Little Venice was once home to punk couple Sid Vicious and Nancy Spungen

Credits: Lurot Brand / SWNS

The house has been described as "beautifully derelict"

As a result there are fewer chance for people to put their own stamp down - which means this one represents a rare and unique opportunity for a private buyer or developer.

The one-bedroom property, which sits over a large double garage a short walk from Warwick Avenue tube station, has just 1,484 sq/ft of floorspace and is need of full renovation.

Its price tag makes it the most expensive one-bedroom home currently advertised on Rightmove - despite being a wreck.

Credits: Lurot Brand / SWNS

The house has just 1,484 sq/ft of floorspace

The ground floor is made up of the garage, with the first floor consisting of a living room, bedroom, kitchen and bathroom. It has leaky ceilings, dated electrics and unplastered walls.

James Robinson, general manager at Lurot Brand, said: "This Little Venice mews house takes the description of 'being unmodernised' to a whole new level.

"It is the first house I have seen with gutters, both inside and out, to carry the rainwater away.

Credits: Lurot Brand / SWNS

It is in full need of renovation

"The roof really is that bad. So bad in fact, that just like in the film 'Chitty, Chitty Bang, Bang', you'll be taking an umbrella to bed.

"This is the kind of house children run past when walking to school and could quite possibly be the most derelict inhabited house in Prime Central London but ironically it is for exactly these reasons it is also one of the most desirable."

Despite costing ten times as much as the average house in England and Wales and five times the price of a typical London property, Mr Robinson believes there is a handsome tax free profit to be made.

Credits: Lurot Brand / SWNS

Much of the interior is rundown as antiquated

This is by getting planning permission to add a basement and roof extension, creating a 2,700sq/ft family home worth £4 million.

He said: "The saving on stamp duty alone will be £180,000, compared with buying a £4 million house and, if the house is demolished and rebuilt behind the facade, the VAT on the cost of building a new build house is reclaimable plus, with an estimated £700,000 build cost, there should be a tidy, tax free, profit for you at the end."

During the late 1980s and 1990s, Lurot Brand were still finding crumbling mews houses which could be bought and used as blank canvasses.

Credits: Lurot Brand / SWNS

The property has leaky ceilings

Credits: Lurot Brand / SWNS

There is graffiti on the walls inside

Due to their condition, they were often unmortgageable and there was nothing but the four square walls which was worth keeping.

However, the supply was finite - there are 800 mews streets in London - and Antoine Lurot, a former racing driver who founded Lurot Brand, convinced many of the owners to convert the rundown properties into pretty homes.

It is now estimated that 90% of mews properties in London are now residential homes.

Mr Robinson added: "We have been in talks with this owner for 18 years. His intention has always been to 'cash-out' at the optimum time, not just for him, but also during the best market conditions as possible.

"Unmodernised houses have held their value extremely well, firstly because of the potential to earn money by doing the work and secondly because of the huge stamp duty savings."

UK property hotspots 2017 (according to Zoopla)

UK property hotspots 2017 (according to Zoopla)


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