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@contradevian

Ramshackle Garage Sells For £550K

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Keep taking the tablets. There is no bubble. The Bank of England said so, so it must be true.

http://www.standard.co.uk/news/london/garage-near-london-industrial-estate-sold-for-over-half-a-million-pounds-at-frenzied-auction-9253203.html

gar4nig.jpg

A ramshackle brick-built garage next to a south London light industrial estate has become the most expensive ever to sell in Britain after reaching an auction price of £550,000 in a “frenzied” bidding war.

The 568sq ft former coach house, used for years to park the mayor of Southwark’s car, went under the hammer for almost triple the guide price and £150,000 more than the average house in “up-and-coming” Camberwell.

It is also £25,000 more than was raised by the sale of a double garage in the shadow of Harrod’s in Knightsbridge, central London, last year – a record at the time.

The double-height bare-brick building with a 100sq ft cobbled drive next to Vanguard Court - an estate of 40 small workshops off Peckham Road - would require planning permission for change of use if it is to be turned into a residential property.

More than 200 artists and small business owners who work in the adjoining studios launched a campaign to prevent Southwark Council from going through with the sale. They feared any future occupier could object to the noise and obtain a noise abatement order forcing them out.

Looks delightful, maybe one of rich Hoxton based social media guru's has bought it.

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Keep taking the tablets. There is no bubble. The Bank of England said so, so it must be true.

Looks delightful, maybe one of rich Hoxton based social media guru's has bought it.

I need to find myself some stronger tablets! I can't take much more of this!

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I was rather happy till I read this article. I know of someone that bought multiple camberwell shoe boxes in 09 for 100-150K. Each is now worth 250-350K.

If that ain't a bubble, I don't know what is. Pure ******** this hell hole of a country. I hope the residents of prime ministers questions die slowly and painfully.

Well said,

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Nearly £1000 per sq ft. For a disused garage in an unfashionable part of outer London. No sane developer would ever pay this much.

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Ha ha ha ha.

I was actually there for this. IIRC the guide price was around £250K.

Two sets of tools started bidding against each other around 285K and then it became a pi55ing competition.

It was daft but I was even more shocked when it went on past £500K without a breath what with the stamp duty implications.

Feckin madness. Osbrown is a tool

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Ha ha ha ha.

I was actually there for this. IIRC the guide price was around £250K.

Two sets of tools started bidding against each other around 285K and then it became a pi55ing competition.

It was daft but I was even more shocked when it went on past £500K without a breath what with the stamp duty implications.

Feckin madness. Osbrown is a tool

Wow, you journeyed to the heart of the bubble and it was inhabited by ... tools.

How did they look after they won? Triumphant or a flicker of buyer's remorse? Any interesting chatter on the sidelines about what people thought they could do with the place?

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Wow, you journeyed to the heart of the bubble and it was inhabited by ... tools.

How did they look after they won? Triumphant or a flicker of buyer's remorse? Any interesting chatter on the sidelines about what people thought they could do with the place?

Use it as an entrance to dig out your own underground bunker. ;)

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Ha ha ha ha.

I was actually there for this. IIRC the guide price was around £250K.

Two sets of tools started bidding against each other around 285K and then it became a pi55ing competition.

It was daft but I was even more shocked when it went on past £500K without a breath what with the stamp duty implications.

Feckin madness. Osbrown is a tool

Maybe they were trying to prove the greater fool theory, or greater tool theory in this case.

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