James O'Brien is Leading Britain's Conversation.
17 February 2016, 18:21
In the latest remarkable deal from London's property market, a small garage in upmarket Chelsea has sold for £360,000 - twice its guide price.
The unit measures 146 sq ft and went on the market for £180,000, despite the size of the road and garage meaning even parking a large car would be difficult.
Described by Savills auctioneers as "rarely available" and boasting a "fashionable location", the garage actually went for £360,000 at auction.
Chris Coleman-Smith, head of Savills auctions, said: "Chelsea is an affluent residential area with a chronic lack of off-street parking, so we expected the garage at Crescent Place to attract a lot of interest.
'While strong bidding pushed the price up to £360,000, the average price of property in the SW3 postcode is £2.4 million. For local residents who have invested in cars as well as their homes, the chance to buy a well located, secure garage simply couldn’t be missed."