Worth a mint: London garden sells for £1.25m

THE owner of a garden valued at about £100,000 has succeeded in selling it for £1.25 million.

The 45ft-long parcel of land has no planning permission and is surrounded by other properties.

But this failed to stop a fierce bidding war at auction, because the site happens to be in Primrose Hill, one of London’s most coveted areas.

Houses on streets either side of the garden sell for between £1,800 and £2,000 per sq ft, making them among the most expensive roads in north London. The plot was of- fered by Allsop auctioneers with a guide price of £100,000 to £150,000.

As well as the £1.25 million price for the land, the buyer will have to pay a further £68,750 in stamp duty.

It is unknown whether the unnamed purchaser plans to build on it or use it as a green space.

Mark Pollack, a local estate agent, said it was a “significant price for a piece of lawn”.

But if the land was used productively he could “see the logic” in the final price paid, which, he said, would typically buy a two-bedroom flat in the area.