ON AN UNUSUAL LONDON PROPERTY

SPRAWLING FIXER-UPPER

One of my favorite questions to ask real estate agents when visiting a new area is if there's an unusual property that's for sale that doesn't fit what most folks are in the market for.  Several times that question has resulted in my purchasing properties that were unexpected in scope and timing.

The same question could get an interesting answer in London currently.  This New York Times article explains:

"LONDON — For sale: a vast tunnel complex in central London. Former tenants include Britain’s secret service, the famous hot line between America and the Soviet Union during the cold war and 400 tons of government documents.

The asking price is $7.4 million.  After years of lying unused beneath the traffic-jammed streets of the city, the tunnel complex — one mile of underground corridors and adjacent rooms — is now for sale by the BT Group, Britain’s largest phone company.

BT hopes the site’s special features will attract buyers even as the property market above ground is going through its biggest downturn in decades."

The property does have water and electricity, along with a few rooms around the tunnels.  And there have been some inquiries:

An eclectic range of would-be buyers has asked about the space, including an overseas billionaire seeking a spot to hold his board meetings. Others who have expressed interest include those looking for a location for a wine collection, London’s police and local electricity companies, said Niall Gallagher, the realty agent at Farebrother Chartered Surveyors in charge of finding a suitable buyer."

It's not Mayfair or Knightbridge, but over time who knows...it may be.

Comments

[Alex Tolley]

That seems like a very sweet price - only ~$200/sq ft in central London. Heating bills would be low too. I could easily imagine it being converted into a Mall or a hotel and shopping complex.

[London Estate Agent]

It's certainly a challenge. I wonder how easy it will be to get planning permission or change of use