Potential investments hidden in London!
In comparison to the world’s smallest house, the UK may have broken another record with the most expensive row of garages. A row of empty derelict garages located in Fulham, South West London have sold for almost ten times their original guide price! The garages appear to be your typical everyday garages used for parking cars but little did anyone know they would be snapped up for a huge £700,000.
In comparison, the row of six garages were being rented out for a sum in the region of £65 - £85 per calendar month never the less, they had been placed up for sale minus any planning permission for further development in the future for the next purchaser. To achieve a figure of £700,000 on a rental basis it would have taken the existing owners more than 250 years to even come close to this extortionate price. It is possible that the reason for the price of these garages rocketing at auction is because the London based Auction House had displayed the freehold terrace of garages as being “suitable for future redevelopment providing there is planning permission”.
Having been added to the auction at a considerably low figure, the auctioneers from the Auction House London where delightfully stunned at the offers received after a “bidding frenzy” had taken place. An auctioneer at the Auction House London, Andrew Binstock stated;
“We price things very well and we're used to seeing £400,000 houses selling for a £100,000 premium but we have to recalculate values. They had a guide price of £75,000 and ended up selling for £700,000. I've never seen anything like this before. It is a first. The garages were owned by a couple who inherited and they couldn't believe it, they were pleasantly surprised”.
Mr Binstock continued to add;
“It was quite unusual and a very fun part of the auction. It is a prime part of Fulham, but it's also a gamble. The garages are clearly not worth £700,000 as they are so the buyer has obviously got a plan for it and it will be interesting to see what it is. It is a perfect storm of shortage of stock and strong market forces. It is an unpredictable market”.
Nicole Cran, Pali Ltd(0) Comments
- Webinars with Pali for 2017
- 9m Residential and leisure development for Astley Point, Wigan
- First-time buyer subsidised homes will be built this year
- New Year Offer!
- Conveyancing Chaos for 2017!
Subscribe to receive a weekly update of our blog posts