If you thought £180,000 was too much to ask for a Chelsea garage when it was first advertised for auction at that guide price, you were wrong. It was actually worth much more -- double, in fact.
Savills, which ran the auction, hit the hammer at £360,000 when the final bidder secured the property on 16 February, an amount that would buy you a large family home in most other parts of the country. The freehold single-story garage just off Brompton Road has an electric door and is close to South Kensington Tube station. At 146 sq ft, the mystery purchaser paid £2,465 per sq ft.
"Chelsea is an affluent residential area with a chronic lack of off-street parking, so we expected the garage at Crescent Place to attract a lot of interest," said Chris Coleman-Smith, head of Savills auctions. "While strong bidding pushed the price up to £360,000, the average price of property in the SW3 postcode is £2.4m. For local residents who have invested in cars as well as their homes, the chance to buy a well located, secure garage simply couldn't be missed."
It's not the most expensive garage to have gone on sale in London. A former coach house in Camberwell, south London - thought to be the most expensive garage ever sold in Britain - went for £550,000 in 2014.