Colliers International has sold a 3,630 sq ft strip of land in prime Kensington, Wetherby Lane, for £202,000 to a local resident who is rumoured to use the non-developable space for car parking.
The land is nestled between two rows of houses in the prime West London neighbourhood, between Rosary Gardens and Hereford Square. It is subject to right of way and other restricted covenants meaning it cannot be built upon.
Annabel Haan, Colliers Head of Residential Development, commented, “Kensington is known for its prime real estate with most homes having million-pound price tags. However, the sale of Wetherby lane is indicative of the lifestyle and needs of local residents. The advantage of the lane’s ownership is that it can provide additional car parking facilities but it still must remain accessible as a public walkway meaning no structures can be developed on it.”
The lane’s sale, which equates to £56 per sq ft , is on par with Kensington’s headline office rents. It is 0.3 miles from Gloucester Road Station.
Colliers acted for the vendor. The land was sold by tender.