11 February 2024 , 14:18
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A London garage 'with potential' has gone on sale with a huge £1million asking price.
It can be found in the heart of Clapham Common, London and its cost may seem outrageous but experts say it's a lucrative and sound investment.
It's listed as a development site on a prime residential road in 'Between the Commons', in SW11. But despite its unassuming and underwhelming exterior, this piece of the Common is full of potential, according to the agent. An agent explained it could be converted into a residential house if planning permissions and consents were given. It meant the garage could turn into any buyer's wildest dreams.
A street view of the garage's location in Clapham Common (mediadrumimages / @NobleEstates)The listing for the property reads: "A local architect has drawn up a sketch of a scheme they feel is possible for the site. We want to give everyone the opportunity to explore the potential planning for the garages, so will be offering the site via an informal tender over a three-week period.
"All offers are to be submitted by 1300hrs 15th December 2023. Our client would prefer an unconditional offer."
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The Mirror reported in 2016 how a single garage was sold for more than twice the price of an average UK home. The “rarely available” building, with an electric door, fetched £360,000 at auction – £2,500 per sq/ft. The garage, in Chelsea, West London then set a pricing record but it has since been surpassed following a rise in property prices.
The garage is located on Belleville Road (mediadrumimages / @NobleEstates)
The garage is listed as a development site situated on a prime residential road (mediadrumimages / @NobleEstates)It boasted an electric 'up and over' metal door and a security bollard to stop someone breaking in and driving off in the car parked inside. But because of the chronic shortage of parking in the Royal Borough of Kensington and Chelsea, it ended up selling to an online bidder for £360,000 - almost twice the average price of a home in England.
The price was then a record for a single garage which will be used for its intended purposes. Larger lockups have sold for more, but they were for their development potential.
Chris Coleman-Smith, head of Savills Auctions, said: "Chelsea is an affluent residential area with a chronic lack of parking, so we expected the garage at Crescent Place to attract a lot of interest. While strong bidding for the lot pushed the price up to £360,000, the average price of property in the SW3 postcode is £2.4 million."