Potentially breaking the glass ceiling with an East Dulwich ‘Tardis’
In the prime London market, street presence is often a poor indicator of true value. While the 'standard' three bedroom Victorian home in East Dulwich currently finds its level between £1.1 Million and £1.4 Million, a new breed of 'Tardis' properties is attempting to shatter this local glass ceiling.
Earlier this week, I invited my community to guess the value of a property that, from the pavement, appears almost immaterial. Tucked behind a row of bins on a squeezed corner plot, the exterior offers no hint of the 2,700 sqft architectural marvel within.
The market appraisal? £2.75 Million.
Valuing a home that exceeds the local price per square foot average requires more than a simple comparison of nearby sales. I apply my five factor CLASP paradigm to ensure every attribute is accounted for:
Condition: A high specification, 'somewhat raw' semi industrial finish. This is a turnkey proposition for a buyer who values design over tradition.
Location: Discreetly positioned just off Lordship Lane, offering privacy without sacrificing the village lifestyle.
Attributes: This is where the value truly separates. The property features a subterranean resistance pool, a dedicated cinema room and a secret wine cellar integrated into the floor.
Size: At just under 2,700 sqft, the volume rivals a substantial five bedroom house, yet it is contained within a three bedroom footprint, prioritising lifestyle and 'flow' over bedroom count.
Price: At exactly £1,028 per sqft, the pricing is competitive compared to other architecturally designed homes in the area that command in excess of £1,100 per sqft.
However, how do you value a swimming pool? The answer is: it depends. For a non-swimmer, it has zero value. But for an elite athlete or a busy entrepreneur, it is a massive time-saver and a lifestyle enhancer. This is a "soft factor" that a standard bank valuation often ignores. In fact, many surveyors may "down value" a pool because they see it as a niche liability.
This is where the degree of trust in your consultant and mortgage broker becomes substantial. You need a broker who knows the market and has the contacts to find a lender who understands unique architectural assets. Without that expertise, finance can become a major hurdle.
I often describe these properties as an architectural sandwich. The exterior is a thin, unassuming crust, while the interior holds a massive filling of features. But as a consultant, I must look at the "cosy" factor too. Having sourced a five bedroom residence in Belgravia, I noted how the architect used height and natural light to ensure subterranean levels never felt 'underground'. But the real success was the layer of snugness that provided warmth.
We also have to consider the social infrastructure. If a family member lives next door and provides childcare, that property has an invisible premium that no bank will ever catch. Proximity to your support system is a primary value driver.
I often share these 'gut-feeling' property puzzles and human insights over on the Adore Property Facebook page. If you want to join the conversation and test your own market instincts, you can follow the journey here: https://www.facebook.com/AdoreProperty.
Too often, this level of scrutiny only happens at the solicitor level when significant costs are already accumulating. My role is to ensure the deep digging happens well before the legal costs mount. Unlike other professionals who run up a tab, neither myself nor the estate agents get paid until the job is successfully completed.
