A double garage in an upmarket part of London was sold yesterday (Monday) for a record-breaking £670,000.
The lockup is sandwiched between two large homes near the River Thames in Chelsea, south-west London.
Chris Coleman-Smith, from Savills Auctions, said: “It is like a little oasis in Chelsea. It is a fantastic spot, north of Cheyne Walk and south of the Kings Road.”
The auction house, which described the garage as being in “the best part of Chelsea”, gave it a guide price of £525,000 - two-and-a-half times the price of the average home in England and Wales.
Bidding quickly exceeded the estimate as investors battled it out to get their hands on the 332 sq/ft garage.
The new owner, a London-based phone bidder, managed to outbid a number of people with a final offer of £670,000 for the garage.
In Buckingham £670,000 will buy you this beautiful four double bedroom detached property in Bostock Court off West Street with £20,000 to spare.
The house - which is on the market with Michael Graham Estate Agents - features mature gardens, an integral garage and off street parking and is situated within five minutes’ walk of the town centre.
The property includes an entrance hall, a cloakroom, three reception rooms, a kitchen/breakfast room, a utility room, four double bedrooms - two of which have en suite shower rooms - a dressing room, and a bathroom. A covered outside area is a feature of the garden as is the nearby stream.
The London garage sale is - only slightly - less staggering when you consider that the current owner has secured planning permission to convert it into a one-bedroom home.
One bedroom flats in Buckingham start at around £150,000 - the price of a property at Cobham Mews.
On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.