Upper Ground Floor Flat, Spenser Road, Lambeth, London

Freehold with Airspace, 45 Spenser Road, Herne Hill, London SE24 0NS
Guide Price: £30,000*

The freehold of 45 Spenser Road, a period building in Herne Hill, London SE24, sold together with the airspace above it and its long-term planning potential. The sale also includes the ground rents and the freeholder's rights under the existing leases. For sale by auction at Claridge's, Mayfair, on Wednesday 28 October 2026.

The Opportunity

The lot is the freehold interest in 45 Spenser Road. The building is divided into [number TBC] flats, each sold off on a long lease. The buyer will own:

Ground rents: £[TBC] a year in total, payable under the existing leases.
The airspace: the space above the building, with the long-term potential to add accommodation if planning permission can be obtained. There is no planning permission at present (see Planning below).
Lease extensions: as freeholder, the buyer will receive a premium when leaseholders extend their leases.
Management: the freeholder's role in managing the building and collecting service charges under the leases.

The Property

45 Spenser Road is a period building on a residential street in Herne Hill, in an area known for its Victorian and Edwardian homes. The flats are let on long leases. Lease lengths, ground rents and service charge details are in the legal pack.

Planning and the Airspace

The building lies within the Herne Hill Conservation Area, designated by Lambeth Council.

No permitted development: the national permitted development right to add storeys (Part 20, Class A of the General Permitted Development Order 2015) does not apply in conservation areas. Any upward extension would need full planning permission from Lambeth Council.
Heritage tests: the council will expect any proposal to preserve or enhance the character of the conservation area, so consent is not assured.
The leaseholders: any work on the roof or structure would also need to respect the leaseholders' rights under their leases. In practice, a scheme is likely to need their cooperation.

The airspace is therefore offered on the basis of long-term hope value only. Buyers should take independent planning advice.

Leaseholders' Right of First Refusal

The leaseholders have a right of first refusal under Part I of the Landlord and Tenant Act 1987. For a sale by auction, the leaseholders must be served with the correct notice in advance. After the auction, they may be entitled to step into the buyer's shoes on the same terms. Buyers should read the legal pack carefully on this point and take legal advice before bidding.

Leasehold Reform

New leases: the Leasehold Reform (Ground Rent) Act 2022 ended ground rents on new long residential leases. Existing ground rents, like those here, are not affected by that Act.
Lease extension premiums: the Leasehold and Freehold Reform Act 2024 will change how these are calculated, including removing marriage value, once the relevant provisions are brought into force. This is likely to reduce future premiums, and buyers should factor it into their appraisal.

The Location

Herne Hill is one of South London's most popular residential neighbourhoods, with a village atmosphere, leafy streets and fine period architecture.

Brockwell Park: a short walk away. It is a historic park of about 125 acres with the Grade II listed Brockwell Lido, tennis courts, a walled garden and the café at Brockwell Hall.
Local shops: the shops, cafés, restaurants and pubs around Herne Hill station, Railton Road and Half Moon Lane are close by, along with the Sunday Herne Hill Market.
Rail: Herne Hill station (Zones 2 and 3) has Southeastern and Thameslink trains to London Victoria, Blackfriars, Farringdon and St Pancras International.
Buses: the 3, 37, 68, 196, 322 and 468 run to Brixton, central London, Dulwich and Crystal Palace.
Schools: local schools include Rosendale Primary, St Saviour's CofE Primary, Judith Kerr Primary and The Charter School North Dulwich.

Auction Details

[Lot TBC] will be offered at Palace Auctions London's live and online auction at Claridge's, Brook Street, Mayfair, London W1K 4HR, on Wednesday 28 October 2026 at 12 noon, unless sold prior. You can bid in the room, online, by telephone or by proxy.

Guide price: £30,000*
Deposit: 10%, payable on exchange
Buyer's premium: £2,000 + VAT
Contract documents charge: £850 + VAT

The legal pack, including the title, leases and the right-of-first-refusal notices, is available on request. Buyers should take independent legal, planning and valuation advice before bidding.

Viewings

The building is occupied by the leaseholders, so internal viewings are not available. The exterior can be seen from Spenser Road.

*Guide price plus buyer's premium and fees. The reserve will not be more than 10% above a single-figure guide.