London

Peckham pre-fab 'shed' auctioned for £1m

Costa Street 'shed' Image copyright Savills
Image caption The property sits on 0.6 acres of land near Peckham and East Dulwich

A pre-fabricated property dubbed a "shed" in south-east London has been auctioned off for just under £1m.

The 1950s bungalow situated on 0.6 acres of land in Peckham contains three rooms, a kitchen and unfitted bathroom.

Described as "dilapidated", Southwark Council said it was "extremely pleased" it sold for £950,000.

The money raised for the property, which is not thought to have been lived in since 2002, will be ploughed back into the council's housing programme.

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Councillor Richard Livingstone said: "Although selling council homes is not something we would normally want to do, sometimes the costs for repairs and refurbishment... is simply too high.

"We have managed to raise a significant amount of money from the sale of a property, that was far past its expected lifespan."

'Only Fools and Horses'

The council said the property had been sold without planning permission for demolition, but that did not stop the new owners applying for it.

Mr Livingston added the money would be used to fund its housing investment programme which includes building 11,000 new properties in the borough by the 2040s.

Chris Coleman-Smith, director and auctioneer at Savills, said the property was in a "hotspot" so the sale price was not a complete surprise.

"Peckham has connotations of Only Fools and Horses and that can be one side, but the other side is traditional, old Victorian areas," he said.

"Someone has bought it to develop it and that area is a hotspot. It is a really good location."

He added the site looked like it had been in the same condition for "donkeys years" and the sale meant the money could be reinvested "where the council needs it to go".

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