Could a garage really be this expensive?

Posted: 17/04/2014

Imagine having a garage worth more than your house? A derelict spacious garage located in London had been listed in an auction then sold for an immense sum of £550,000 marking it the most expensive property in its sector around Britain.

The garage is nothing special and it hasn’t been used in a while as there signs of cracking in the interior along with debris covering parts of the floor but never the less these defects didn’t stop it from becoming the most costly garage in Britain under auction circumstances. This disused space has many advantages having been used as a former coach house in previous years and the additional space in comparison to a standard sized garage is vast which could potentially allow the garage to be liable for residential conversion. Giving the amount of space inside the garage including the height of the ceiling a second floor could easily be inserted. The building is equipped with vaulted ceilings, cobbled drive and a steel roller door.

The former coach house had managed to exceed the value of an average property price by more than £150,000 when it was snapped up for just over half a million pounds. Another garage that was sold had made the record because it sold for £25,000 however, this former coach house firmly blew that record well and truly out of the water. The half a million pound garage is situated adjacent to an industrial site located in Camberwell, South London. The exact position of this plot is just off Peckham Road, next to a number of 40 minute workshops. Some of which have included tenants such as Waal, a ceramicist and a sculptor that had been short listed for the Turner Prize, Cathy De Monchaux.

When being analysed by auctioneers, the property had been anticipated to obtain a figure of around £200,000 but evidently it had sold for nearly triple the amount. Associate director and auctioneer, Jeremy Lamb stated;
“It's an empty shell of a building. It's in a reasonable state, but there are quite a few cracks in the walls. We had about six or seven bidders at the auction - a mixture of residential developers, investors, potential occupiers and artists. However, the number of bidders quickly dropped as the price went up”.

Due to the high demand for properties both in and around London, this is said to have been the reason as to why immense interest had been shown that day. This is because the area of Camberwell is seen to be an upcoming and quick moving area as prices are constantly rising.

Being situated around other workshops it makes this property ideal for an artist, plenty of space to store and complete artwork however, during the process of auctioning, a mere 200 artists had all signed a petition along with business owners going against the council’s decision to sell the former coach house. The reason for the high volume of signatures is because of the fear that any new tenants could be exposed to the “busy and thriving” industrial site.

Mr Lamb also said;
“The coach house would make an ideal artist's studio and I've heard rumours it has been bought by a wealthy artist to save it from being turned into housing, though I haven't a clue if that is true”.

He then went on to mention that it would cost around £100,00 for a potential buyer to convert this space into a housing facility however, the buyer is said to be anonymous and of some wealth as it has been rumoured that they had purchased the building in order to save the studios.

What do you think of this sale?

Nicole Cran, Pali Ltd

www.paliltd.com

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(0) Comments Expensive, Garag, London, Artist

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