Patch of London pavement sold for £125,000

Private buyer snaps up 560 sq feet of high steet in Islington, sold at auction for £100,000 more than its reserve price

An area of pavement in North London sold for £125,000 (Savills Auctions)

The streets of London may not be paved with gold, but a patch of pavement in north London has been sold for £125,000.

The 560 sq foot section of high street near Islington Green was sold at auction to a private buyer.

The reserve price on the lot was just £4,000.

The auction guide described Lot 153, located close to Camden Passage, as having potential "for a variety of uses" including as a place to locate an advert, a market stall or a "mobile coffee shop".

It was unclear what use the investor has planned for the area.

Chris Coleman-Smith, head of Savills auctions, said: "This unusual patch of land offered auction bidders the opportunity to invest in Islington for a fraction of the price of a property."

The average property price in Islington is about £670,000.