UK's most expensive parking space costs £300,000

UK's most expensive parking space costs £300,000

A parking space in central London has gone on sale for a record-breaking £300,000.

Situated in the ultra-exclusive Hyde Park Gardens neighbourhood, the space costs nearly twice the price of the average home in England and Wales, which currently stands at £162,000.
It is also £500 more than a studio flat recently sold in the same area.

The space is being offered by estate agents Kay & Co, which recently sold two similar parking spaces for a cool £250,000 each.

Measuring just 231sq ft, customers will be forking out an eye-watering £1,299 for every 12-inch square.

Despite the price tag, Matthew Abernethy, associate director at Kay & Co, has revealed that there were a number of people who had already expressed an interest.

Speaking to the Daily Express, he said: "There are a number of properties in the area which range from £1 to £15 million and there are not enough parking spaces for all the residents.

"Parking in this part of prime central London is always scarce and the fact that people will pay more than the price of a small flat for the privilege of their own parking space is indicative of the desirability of having parking in Westminster.

"We anticipate that the space will attract interest from local residents eager to secure parking close by."

As the parking space is offered with a 91-year leasehold, buyers won't even own the land outright. Instead they will be paying the equivalent of £9.20 per day for exclusive use of the space.

While that might not seem bad for guaranteed parking in central London, it would take around £20 years to amass £300,000 in parking fines, based on Westminster penalty charges.

London parking spaces previously hit the news in April when a space big enough to "easily accommodate a Rolls-Royce" was offered in the exclusive SW7 postcode.
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