A public convenience in South West London has sold for almost four times its asking price.
Amid cries of negative equity and stalling property sales, a public lavatory in South West London has triumped in the face of adversity and sold for almost four times its asking price.
Walham Green Toilets on North End Road, Fulham went for an astounding £403,000 at auction on Monday after a competitive bidding war pushed its asking price through the roof.
The two-storey toilet block was initially advertised in the Bricks & Mortar section of The Times newspaper last week with a guide price of £90,000. This was however elevated to £130,000 by the controlling estate agents, Savills, prior to the auction.
Described as 'An unusual detached building arranged over ground and basement levels comprising former public toilets' the public lavatories are situated in a convenient location near Fulham Broadway Tube Station. Sold 'by order of The London Borough of Hammersmith and Fulham' they were advertised as 'vacant' and 'having development potential'.
A spokesperson from Savills commented that Walham Green is "considered suitable for conversion to a variety of uses - subject to obtaining the usual planning consents." However, it is expected that the owner will now transform the public conveniences into a bar, cafe or art gallery.
While this is the latest public toilet to be snapped up by a developers at an elevated rate, rival bidders at the auction expressed surprise at just how much the lot managed to raise.
Speaking to the times Stuart Blakemore, a developer who bid £250,000 in the auction, said: "I would never have expected it to go for over £300,000. I can't imagine anyone will make money on it."
