A garage in the upmarket London district of Chelsea is set to be auctioned for £180,000 ($261,567) or more, as the escalation in real estate prices in the already expensive city continues.
The garage – set to be auctioned later this month – offers secure off street parking and has an internal area of approximately 146 square feet. It is described by estate agents at Savills as "rarely available."
"Garages are an increasingly rare commodity in central London, where even some of the highest value properties lack off street parking," Chris Coleman-Smith, head of Savills auctions, said in a news release.
He added that garages had attracted a premium in recent years. "While they've already made headlines for achieving incredibly high prices in prime central London, garages can still offer good potential returns."
The price of the garage is close to that of the average house in England and Wales, which is £188,270, according to the Land Registry House Price Index.
However, in December the average house price in London was £514,097, representing an annual increase of 12.4 percent and highlighting the disparity between the cost of living in the capital city and elsewhere.