Bargain Basement? High-end hopes for Chelsea fixer-upper

Agents reckon £4.5m project could end up being worth £7m

A renovation project on Chelsea’s Old Church Street has been brought to market with some eye-catching potential.

Having seen better days, the unlisted 2,013 square foot Georgian terrace is being offered at £4.5m with planning in place to add another 1,000 square foot via a basement conversion; selling agents JLL think the works, if done right, could boost the end value by over 50%, taking it into £7m territory.

The rare subterranean consent was only granted by RBKC in December and it’s thought the project could appeal to both developers and ambitious owner-occupiers who like the idea of saving on the SDLT…

Giles Cook, Director at JLL: “For those happy to roll up their sleeves, Old Church Street is a brilliant opportunity for someone to create a beautiful family home. Whilst taking on a project can be daunting, it does have its benefits, from creating a tailor-made home to paying less stamp duty, as the purchase price is lower than the value of the finished article. Priced at £4.75m, once works are complete, in line with planning permission and to a high standard, I would expect it to achieve circa £7,000,000. Whilst we are in a slowing market, demand for properties that require modernisation remain, as these are in short supply, thus early viewing is advised.”

Up for it? Call JLL’s Chelsea office on 020 7399 5010