While some people are suffering the effects of economic meltdown, others are able to splash out a credit crunch defying £403,000 - on a public toilet.

The lucky new owners claim it would make a great club, similar to the Ginglik in Shepherds' Bush, a school or even a cafe - though whether customers would flock en mass to a former toilet is moot point.

The two-storey building oin North End Road, near Fulham Broadway, was owned by Hammersmith and Fulham Council when it went under the hammer at Savill's auction.

But by the end of the hotly contested sale it had rocketed to more than four times its guide price of around £100,000.

Unsuccessful £250,000 bidder Stuart Blakemore, who is also a developer, said: "I never expected it going for over £300,000. I can't imagine anyone making money on it."

Fulham's Aspire Estate Agency's Will Wisbey imagined the buyer might be left feeling flush.

He said: "It seems a massive price for this particular property given the market's current state. Mind you, redevelopment could return £1.5 million."

Savills's auction director Paul Mooney was surprised by the sale price, attributing it to the building's uniqueness causing a bidding war between two developers.

He said: "It is a sensible investment. Planning is yet to be granted but commercial development applications will succeed."

The buyer's identity has been kept secret.