Auction of 'airspace' above Battersea flats delayed

Auctioneer Phillip Arnold said the low initial cost for the space gave it "hope value"

A plot of "airspace" that was set to be auctioned in Battersea, south-west London on Thursday has been cancelled due to a problem involving leaseholders.

Space at 47 Northcote Road was being offered with a guide price of £10,000, but will now be relisted in April.

Auctioneer Phillip Arnold said the lot was withdrawn "at the last minute".

He said the freeholder didn't serve the "correct notices" on the leaseholders of the flats below.

The sale listing had stated the freeholder "will be providing landlord's consent to develop" on top of the roof of the flat below.

Located within walking distance of Clapham Junction railway station, the plot sits above two self-contained flats and a ground floor restaurant that is being redeveloped into a café.

Mr Arnold previously explained the plot next door is being redeveloped with an additional storey and another, two doors down, had permission for the same - making it a good investment prospect.

The airspace is offered "with vacant possession" and the auctioneer's website says "a new 150-year lease with a peppercorn ground rent will be granted upon completion".

Mr Arnold pointed out that although the project would not be "a straightforward build" and there could be extra costs - for example, if a crane was required - the low initial cost for the space gave it "hope value".

"London has been through a big period of flat conversions. You get phases, and I think this will be one of them and people will just actively look for these things," he said.

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