rantnrave

Parking Mad! Garage That's For Sale At Over £500K

9 posts in this topic

Have we all gone parking mad?

The strength of the London market is about to be tested by a double garage in Knightsbridge which is for sale at £525,000 – about three times the national average house price, and a new UK record for a garage.

The freehold garage, which is located moments away from Harrods on Rysbrack Street, measures 21' 5" (6.4m) wide by 15' 8" (4.75m) deep. As far as we can see, there are no period features, it’s quite plain and not enough additional space to put the freezer in or create a room cupboard.

Robert Lewis, associate at W A Ellis, who are handling the sale, said: “It is very rare to get a freehold garage in Knightsbridge, so it is exceptionally valuable.

“We anticipate interest from those already living within a two to three minute walk of the garage, for example the large houses on Walton Place, where there is no off-street parking.”

http://www.estateagenttoday.co.uk/news_features/Parking-mad-Garage-thats-for-sale-at-over-500k

Wonder how many illegal immigrants you'd have to squeeze in there to make this a savvy investment?

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The freehold garage, which is located moments away from Harrods on Rysbrack Street, measures 21' 5" (6.4m) wide by 15' 8" (4.75m) deep.

I reckon a two-adult-two-child family would just about fit the 6.4m direction when laid end on end. You should be able to 10 such familes across the 4.75m depth, and assuming a roof height of around 2.4m, perhaps another 8 rows vertically. That comes out at 80 families, so even a tenner a week per family gives an 8% yield. This should increase exponentially as the lower rows get compressed and free up space at the top.

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The freehold garage, which is located moments away from Harrods on Rysbrack Street, measures 21' 5" (6.4m) wide by 15' 8" (4.75m) deep.

I reckon a two-adult-two-child family would just about fit the 6.4m direction when laid end on end. You should be able to 10 such familes across the 4.75m depth, and assuming a roof height of around 2.4m, perhaps another 8 rows vertically. That comes out at 80 families, so even a tenner a week per family gives an 8% yield. This should increase exponentially as the lower rows get compressed and free up space at the top.

If the garage is really freehold, it's a plot of land your buying, knock down the garage & build a house.

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If there ever was to be a sign that London has topped out then this is it.

I am calling top. London will be >10% lower by this time next year. In fact I am going to put this in my signature.

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I'll need to find a few more pennies on the floor to buy that...

I found 2 separate one pence coins this morning. It's a start. I'm new to the game...

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