This house in Burnley costs almost the same as a garage in London

A double garage in an upmarket part of London was sold today for a record-breaking £670,000.

Monday, 25th July 2016, 1:11 pm
Updated Monday, 25th July 2016, 3:44 pm
The stunning house in Reedley Drive, on the market with Fine & Country, Whalley

The lock-up is sandwiched between two large homes near the River Thames in Chelsea, south-west London.

Chris Coleman-Smith, from Savills Auctions, said: “It is like a little oasis in Chelsea. It is a fantastic spot, north of Cheyne Walk and south of the Kings Road.”

The auction house, which described the garage as being in “the best part of Chelsea”, gave it a guide price of £525,000 - two-and-a-half times the price of the average home in England and Wales.

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The garage in London. SWNS

Bidding quickly exceeded the estimate as investors battled it out to get their hands on the 332 sq/ft garage.

The new owner, a London-based phone bidder, managed to outbid a number of people with a final offer of £670,000 for the garage.

In Burnley, £665,000 will buy you this stunning, detached, five-bedroomed house in Reedley Drive which is beautifully appointed throughout and includes many original features from when it was built around 1921 as a mill owner’s residence. It features a Mills and Scott kitchen with AGA, a stunning media room, master bedroom with a sun balcony, a separate self-contained annexe, a substantial garden with patio.

The garage sale is - only slightly - less staggering when you consider the current owner has secured planning permission to convert it into a one-bedroom home.

The garage in London. SWNS

One bedroom flats in Burnley start at around £35,000

Previously, a garage in Stoke Newington, London, sold for £309,000 against a guide price of £160,000.

For that price in Burnley you could buy a four-bedroomed, detached, family home in Ightenhill.

On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.