Single garage close to South Kensington tube fetches twice the guide price

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A tiny single garage in central London has sold for £360,000 at auction at twice the price expected.  This is latest example that the capital’s property boom is far from over.

When the single storey unit, which offers an internal space of just 146 sq ft, went on the market with a guide price of £180,000 it caused something of a stir. On Tuesday, it astonished even its auctioneers, when it achieved twice the guide price.  This despite its small size and the fact that the road layout would make it difficult to get a large car in and out.

Its close proximity to South Kensington tube station and some of London’s most desirable streets appears to have more than made up for its size.

Chris Coleman-Smith, head of Savills auctions, said: “This part of London is an affluent residential area with a chronic lack of off-street parking so we expected the garage at Crescent Place to attract a lot of interest. While strong bidding pushed the price up to £360,000, the average price of property in the SW3 postcode is £2.4m. For local residents who have invested in cars as well as their homes, the chance to buy a well located, secure garage simply couldn’t be missed.”

Despite the high price, the garage is not London’s most expensive. In 2014, a space in an underground car park next to the Albert Hall was marketed for £400,000, while the same year a garage in London sold for £550,000.

savills

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