There are a number of qualities that can add a great deal of value to investment properties in Islington, Kensington and Chelsea and other sought-after parts of the capital, including the location, the history of the building and the current condition. One thing that can prove to be very attractive to buyers is access to outdoor space, particularly in central Boroughs where space is at a premium.
The value of outdoor space was highlighted recently when an apartment at the prestigious 10 Upper Grosvenor Street in Mayfair went on the market with a £5.6 million price tag. The property features what is being heralded as the most valuable conservatory and roof patio in the UK. The £750,000 valuation on these two spaces is almost one and a half times the average price of a home in London.
The property in question commands such a huge value because of a combination of factors. Firstly, it is incredibly rare to find an apartment in a highly desirable central location with this kind of outdoor space, which pushes the price up a great deal. Secondly, the building has a fascinating history. The mansion was originally built in 1843-44 for a wealthy philanthropist, and became the home of Dowager Duchess Lady Eleanor Percy in 1870. Lady Percy lived in the property for over 40 years, and was responsible for the creation of the patio and conservatory because of her love of the outdoors. In 1931 the mansion became flats before being transformed into offices after WWII. It returned to residential use in the 90s and has been a highly sought address ever since.
The third selling point of the property is the unique combination of old and new. The apartment boasts a distinctive mix of furnishings with some pieces dating back to the late 1800s and the turn of the 20th century sitting alongside modern furniture and appliances. It also has a contemporary, designer kitchen, which is a huge draw for modern property buyers.
Investors can take a great deal of inspiration from 10 Upper Grosvenor Street. It is a fantastic example of how much value outdoor spaces, rarity and uniqueness can provide, especially when it comes to London.