A third-floor terrace — or large, AstroTurfed balcony, rather — has been listed for sale in South Kensington for £50,000.
Located on Stanhope Gardens, close to Gloucester Road Tube station, the 3.4x3.5m terrace is surrounded by a metal railing and overlooks a neighbouring mews street.
Rather than adjoining an apartment, the terrace is registered as a separate property with its own title and 110-year lease.
“It’s a standalone terrace area – you come up some stairs, there’s a door to access it and there’s literally just a terrace there,” says agent Glenn Jacobs at Next Home Ltd.
The property is advertised as “ideal for individuals looking to expand their property or business portfolio”, or, because of its Kensington location, “suitable for someone seeking a prestigious central London address”.
Jacobs, who says this is the first terrace he has listed, anticipates that the balcony may interest property owners in the same building looking for extra outdoor space.
Yet, since it was listed at the beginning of July, Jacobs has had almost 200 enquiries about the terrace – with a “mixed pot” of proposed uses.
“I’ve had people approach me about whether the lease would enable them to live in a tent on the terrace,” he says.
Others have enquired about the possibility of building a conservatory in the space, and about putting a table and chairs outside and using it as a painting or arts space. According to the lease, all these options are possible.
“It’s been really, really popular,” says Jacobs. “There’s such a shortage [of housing]. I hadn’t even considered that people would look to be more creative in regards to where and how they live.”
The property’s current owner, who lives in east London, bought the terrace as an investment. He is now selling to release the equity.
With the average property on Stanhope Gardens costing £1,388,750 and rooms in the postcode going for £1,006 per month, according to SpareRoom, Jacobs says he can see why people are considering other options.
Even so, the fact that a £50,000 balcony is being considered as a viable —even attractive— place to live serves as a stark reminder of London’s broken housing market.
