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08/04/2013 12:30 | By Steve Walker, content editor, MSN Cars

London parking space for sale: £275,000, or nearest offer

What could be the UK’s most expensive parking space is on offer at a Knightsbridge estate agency

London parking space for sale: £275,000, or nearest offer (© WA Ellis)

For the kind of money that will land you a very cosy three bedroom house in most parts of the UK, interested parties now have the chance to own a parking space in central London.

A Knightsbridge estate agency is currently marketing a vacant spot in an underground car park, just a hurled Rolex from the Royal Albert Hall and Hyde Park, for the princely sum of £275,000.

At least the space is a big one. The ‘property’ on Prince Consort Road in London’s SW7 is described as large enough to “accommodate a Rolls-Royce or two medium-sized cars” and is on an 84-year lease.

Why would anyone pay such an apparently exorbitant six figure sum for somewhere to park their car? Well, as usual, the estate agent has the answer. Robert Lewis of WA Ellis explained that the firm regularly sells garages in the area for upwards of £180,000.

He pointed out that: “A lot of people have townhouses and flats that are Victorian and don't have parking, and people don't want to park their Ferraris in the street; this is a secure underground car park.

“It can also be beneficial for people's insurance and if you were selling a house nearby you could sell it 'with parking'.

“The garages and spaces we sell near Harrods can sell for a lot more, you often see Bugatti Veyrons parked in there.”

So there you go. Next time you find yourself grumbling about the cost of your local pay and display creeping upwards, be thankful you’re not a Knightsbridge resident with a Rolls-Royce that needs parking. That’s where the costs really kick in.


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