Most expensive pavement: three strips of tarmac in south London to be auctioned for record-breaking sum


You might expect London’s most expensive pavements to be in Mayfair, Knightsbridge or Belgravia.

But three modest strips of tarmac under a scruffy railway bridge in south London are poised to create a record this week when they come up for auction with a guide price of £200,000.

The owner of the land close to Southwark Underground station is entitled to collect rent totalling £94,740 from traders in three food and drink kiosks and the Blackfriars Food Market. The rent rises to £104,214 next year.

The current landlord pays £7,000-a-year rent to the freeholder, the Arch Company, which bought a huge portfolio of railway arches and other land from Network Rail last year for £1.5 billion.

Record breaking price: three strips of land near Southwark station with a guide price of £200,000

A rent review that would have lifted the annual payment to £46,000 is currently in dispute, making the strips of land hard to value, according to George Walker of auctioneer Allsop, which is handling Wednesday’s sale.

Mr Walker said it was a rare opportunity for an investor to generate incomes from London’s supposedly “paved with gold” streets.

He said: “I’ve sold £8 billion of assets in my 23-year career here. Have I sold anything like this? I think it’s very unlikely that I have.”

The strips of land are on 17-year leases with no scope for extending them when they expire. They are currently owned by a Croydon-based property company.

Mr Walker said there had already been interest from 58 potential buyers, creating “an auctioneer’s dream”.

The auction will be held at the Berkeley hotel in Knightsbridge.

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Plans for the sale show the west side of the land directly under the railway arch



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