Whilst basement flats are nothing new, selling an unexcavated basement to a third party for development is certainly a new idea. It will be interesting to see whether the local authority actually grants permission for any sort of residential development. Although the existing building's owner has already granted consent, there will undoubtedly be strong objection from the leaseholders actually residing there. Watch this space!
It is, essentially, nothing more than a compacted collection of mud, rocks and debris from down the ages. But in a further sign of the madness of the febrile London property market, a prospective developer has just paid £150,000 - simply for the ground beneath an existing property.