Friday, May 04, 2012

Lofty price tag for London garage

A garage in the heart of central London is on sale for a whopping £525,000 (S$1.05 million) - three times the national average house price in the United Kingdom.

The freehold double garage, which is located close to Harrods on Rysbrack Street, measures 6.4 metres wide by 4.75 metres deep. It is being marketed by prime central London estate agency W A Ellis.

Robert Lewis, Associate at W A Ellis, said: “It is very rare to get a freehold garage in Knightsbridge, so it is exceptionally valuable.  We anticipate interest from those already living within a two-three minute walk of the garage, for example the large houses on Walton Place, where there is no off-street parking.”
Andrew Batt, Regional Group Editor for PropertyGuru, said: “Parking spaces in central London are extremely attractive and equally valuable. Not every property boasts a space to park your car, so when they come to market they are snapped up very quickly.”

He added that a single parking space for one vehicle in Chester Mews, not far from Buckingham Palace, is currently being sold for £130,000 (S$255,000). Street parking in that part of London can cost as much as £50 (S$95) per day.

View the original article here

Source From Property Guru

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