A double garage in an upmarket part of London was sold yesterday (Monday July 25) 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 the Chichester district £670,000 could buy you a four-bedroom detached bungalow in the pretty village of Runcton or a four bedroom semi-detached house in Tangmere.
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 the Chichester district start at around £100,000.
Previously, a garage in Stoke Newington, London, sold for £309,000 against a guide price of £160,000.
For that price in the Chichester district you could buy a two bedroom end terrace house.
On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.
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