A double garage in an upmarket part of London was sold yesterday today (Monday) 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 Hemel Hempstead £670,000 will buy you this refurbished and superbly presented four-bedroom detached executive home in the desirable Hillfield Road with £20,000 to spare.
The house - on the market with David Doyle Estate Agents for £650,000 - features a 29`8 approx dual aspect kitchen/dining room, is double glazed, boasts landscaped southerly facing rear gardens and is conveniently placed close to town centre shopping malls at the Riverside and the Marlowes and also the picturesque Old High Street with its retro cafes, cosmopolitan restaurants, period pubs and specialist shops.
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 Hemel start at around £135,000 - the price of a property on Jupiter Drive.
On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.