London car parking space on sale for £350,000

February 9, 2016 | By | In Advice

A London car parking space has gone on sale for almost double the cost of the average UK home.

The £350,000 spot, which measures 19ft 6” by 8ft, is located on a quiet road behind Hyde Park Gardens and was described by sellers Knight Frank Estate Agents as 'ideally located', with ‘good transport links’ and 'perfectly positioned for the arrival of Crossrail'.

While the price of the one-car space may seem extortionate, it is insignificant when compared to the value of the surrounding flats, which can sell for more than £10million apiece. However, it is likely that whoever buys the spot will be parking a car of a lesser value within it, as even a brand new McLaren 675LT only costs £259,500 – £90,000 less.

With 88 years left on its lease, the parking spot isn’t the first in the capital to have such a high price tag. In 2014 a double spot in a secure, underground car park sold for £400,000, while later that year eight Mayfair parking spaces were advertised for £2.25million.

Back in 2012, three parking spaces in St. Ives, Cornwall – 300 miles from the capital – sold for a combined £160,000.

For the same price as the Hyde Park space, buyers could purchase a two-bed flat in London, a three-bed semi-detached house in Manchester or a four-bed detached home in Newcastle.

However, the spot’s price is still far below the £514,270 average house price in London.

Jack Evans

By

After completing his university studies in English and Creative Writing in Cardiff, Jack is now a full time motoring writer at Blackball Media. His love of cars stems from his childhood years when he began to live and breathe all-things automotive.

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