The UK has never been a cheap place to live. London in particular is one of the most expensive places to live. Nonetheless, even we were surprised when we can across probably the most expensive garage for sale in the world at £550,000 or ($700,000 to you and me).
A spokesperson for Aaron J Barclay estate agents in London said that there has been a lot in interest in the garage. ‘We have extended viewings for the first two weeks of the sale because there has been so much interest. The garage sits just a few metres away from the door steps of world famous Harrods. It would be idea for a property owner living nearby who did not presently own a garage.’
Sale of the Garage
The sale of the garage on Hans Crescent will be the most expensive ever since a similar garage on the road sold for just over £500,000 ($630,000) a few months ago.
The garage which has a floor area of 30.4 square metres prices it at £1697 per square foot. This compares favourably according to this interactive map of London showing property prices in the capital.
The SW1 postcode is priced at £1758 per square foot making it one of the most expensive postcodes in London. The most expensive postcode in London is SW3 which prices properties at £2105 per square foot.
So you might ask what kind of potential does a garage smaller than the size of a London underground carriage have. Well currently it’s not habitable. There is some potential (there always is in London) to convert the double garage into a small studio. Having such an exclusive postcode and the potential for conversion means it is likely to be snapped up very quickly. No planning permission has been granted for a conversion into a habitable home but the street is surrounded by homes.
In its current state the garage has room for two full sized cars side by side. One possible way to make some income would be to let the two parking spaces. Central London commands a premium where spaces are at a minimum and one space could easily let for £750 per month bringing in an annual income of around £18,000 ($22,500). However, the real profit will be the capital growth when prices in the capital go up year on year.
A good investment
The agent handling the sale stated that it would be a good investment considering the location and potential for growth. ‘Average prices in the area are well over £2million pounds and even small flats sell for well over £1million. It’s no ordinary garage; it’s the best location in central London. It does seem ridiculously expensive but there is some value in it.
With planning permission that value could go through the roof. In the short time it’s been on our books it has generated a lot of interest. Each viewing has been different because each viewer gives an opinion on how best to transform it into a home and make it something special. This could be a cost 1 bedroom flat for someone looking for a pied-à-terre.