'Most derelict' house finally sells for £2m after seven years on the market

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'Normally when a property is exchanged everyone is relieved, but this time it was sort of a bittersweet moment'

After sitting stagnant on the market for a staggering seven years, a run-down mews house in one of London’s most sought-after areas has finally found a new owner. The property in Maida Vale, which sits on Pindock Mews, initially went up for sale in 2017 with an eye-watering price tag of £2.5 million.

The state of the house was notably dire, with Pearlman describing it as: "It was in really poor condition. It was terrible. There were probably more holes in that roof than Swiss cheese. It was pretty awful." Mr Pearlman has estimated that the new owners will need to plough approximately £750,000 into renovations and likely convert the building into a three-floor, three-bedroom residence by adding a mansard roof. Once developed, he predicts the property's value could rocket to around £3 million, mostly because of its superb location.

When the sale finally went through, Mr Pearlman confessed to having bittersweet feelings, having grown so fond of both the property and its owner over time. He added: "I have worked for every estate agency that this property has been marketed through. It has been very difficult to sell. However, it was the right offer at the right time, and they saw the potential in the property."

 

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