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