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 Worthing district £670,000 could buy you a four bedroom detached property in in the highly sought after Goring Hall area of Worthing.
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 Worthing district start at around £80,000.
Previously, a garage in Stoke Newington, London, sold for £309,000 against a guide price of £160,000.
For that price in the Worthing district you could buy a three bedroom detached house in the town.
On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.
Don’t miss out on all the latest breaking news where you live.
Here are four ways you can be sure you’ll be amongst the first to know what’s going on.
1) Make our website your homepage at www.worthingherald.co.uk/
2) Like our Facebook page at www.facebook.com/Worthing.news
3) Follow us on Twitter @Worthing_Herald
4) Register with us by clicking on ‘sign in’ (top right corner). You can then receive our daily newsletter AND add your point of view to stories that you read here.
And do share with your family and friends - so they don’t miss out!
The Worthing Herald - always the first with your local news.
Be part of it.