Property manager JLL is selling the four-bedroom Georgian house on Old Church Street – between Chelsea Embankment and the Kings Road – for the above sale price with planning permission to enlarge the property by approximately 1,000 sq ft.

The 2,013 sq ft terrace house is spread over four floors including a studio and vault.

The property – which is not listed – has also recently received permission from the council for the construction of an additional basement level for the main house and studio.

These plans – as submitted by the property’s current owner – would change the ground floor into a large entertaining area, while the lower ground floor would become a large kitchen, dining room and family room.

At the back of the garden, the large studio has planning permission to be extended into a new basement, where the owner has proposed a private cinema.

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Giles Cook, director at JLL, said: “For those happy to roll up their sleeves, Old Church Street is a brilliant opportunity for someone to create a beautiful family home.

“While taking on a project can be daunting, it does have its benefits, from creating a tailor-made home to paying less stamp duty, as the purchase price is lower than the value of the finished article.

“Priced at £4.75m, once works are complete – in line with planning permission and to a high standard – I would expect it to achieve circa £7m.

“While we are in a slowing market, demand for properties that require modernisation remain, as these are in short supply, thus early viewing is advised.”

Old Church Street has been home to a number of notable residents, including Augustus John, Kate Middleton and Tamara Ecclestone.