We all know that property rises are on the increase. In fairness though, when aren’t they? It’s typical newspaper copy, filling column inches day in and day out. But this is possibly a new high – or a new low, depending on your viewpoint – for real estate in the UK.
Last week, news broke that a dilapidated garage, situated near London’s wealthy King’s Road area of Chelsea, has gone on sale for a colossal sum.
Want to guess how much it’s currently on sale for?
…Then double that figure.
If you said £500,000, you’re a winner!
Bear in mind that the garage would struggle to fit a single car and the usual storage stuff inside, as it measures just 7ft by 11ft. And as for those stunning views of the capital, forget it. Located to the rear of a residential area, the only views on offer are of old terraced brickwork and guttering. Estate agents would call it cosy. A real fixer-upper. And for half-a-million, it’s yours. Plus fees.
Incredibly though, despite the staggering asking price, the garage looks set to sell. Property developers are keen to get their hands on the land to develop – what else – property. While they lack the vision to turn the rundown garage into an actual apartment, these developers believe that the price-tag is a drop in the ocean compared to what they’ll make once they’ve demolished the garage.
In its place, they intend to build a single-storey apartment and basement. We’re talking about a two-bedroom home, with an en-suite bathroom for the master bedroom, and a shower-room for the guests, toilet, kitchen and dining area, living room and a patio for those lazy summer days. Which is pretty incredible when you think that it started life as a simple garage.
An auction, at Allsop auction house, for the property is set for October 30th.
There’s a more affordable way to get your hands on a garage though. You could rent a garage in London from us, and it won’t cost you half-a-mill. Just contact us on 020 8882 8575 and one of our friendly team will be glad to help with your enquiry.