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 Luton £670,000 will buy you this versatile 1920s four-bedroom detached family home on an enviable south-west facing plot in Mancroft Road with £20,000 to spare.
The house - which is on the market with Frost’s Estate Agents - offers a huge amount of potential and offers buyers the chance to put their own stamp on it and even extend further if needed (subject to planning approval).
With the two main reception rooms having sliding patio doors onto the large rear garden and with four double bedrooms, this house is laid out perfectly for family living. Further benefits include, a modern refitted kitchen, sitting room and having a separate bathroom and shower room, whilst outside there is a large driveway and garage providing lots of off street parking. Mancroft Road is situated in the popular village of Caddington and is only 3.4 miles to M1 Junction 10a and 4 miles to Luton Parkway railway station which links to London St Pancras.
The 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 Luton start at around £59,000 - the price of a property at Wingate Court off Wingate Road.
On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.