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£700K For 6 Garages Getting £65 A Month Rent In London

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http://www.dailymail.co.uk/news/article-2616731/Would-spend-700-000-garages-Storage-space-rented-65-month-market-75-000-fetches-TEN-TIMES-asking-price.html

  • Six garages in Parson's Green, Fulham sell for £700,000
  • Each had a rental value of £65 a month and the row was valued at £75,000
  • Developer has bought the properties without planning permission
  • Sellers had carried out feasibility study for two, two-bedroom townhouses
  • Average house price in the area is £615,714 - up nearly £60,000 in a year
  • Auctioneer said it is a 'first' adding it is a seller's market

Bit of a risk if you don't get planning permission!

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The people that can pay that much for garages usually get planning permission.

There are those that get planning permission, and those that don't.

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Looks like someone decided to cash out? Also sold, what appears to be the houses for the garages.

Lots 26, 27, and 28.

http://www.auctionhouselondon.co.uk/auction-results-list_EIG.php?date=2014-04-24

What's the yield on 27?

Sold for £1,905,000.

742 Fulham Road, Parsons Green, London, SW6 5SF

A Semi Detached Building Comprising Two x One Bedroom Flats and One x Four Bedroom Flat Let. All the Flats are Let on Assured Shorthold Tenancies Producing a Combined Income of £42,370.92 per annum

I'm guessing the "profit" with this is the 20% that it will go up by YoY!!!!

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The people that can pay that much for garages usually get planning permission.

There are those that get planning permission, and those that don't.

True, but i also think planning dept are under pressure to allow houses to be built.

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