Gulf royal spends £21m on underground car park in London

An anonymous Gulf royal has bought a car park beside Harrods for £21 million to keep his car collection safe.

The space was originally used by NCP but was bought by Waterbridge Estates and converted to play host to expensive machinery, with wider bays, increased security and entry controlled by number plate recognition software.
Pillars throughout the property have been covered in cushioning Armaflex to prevent any costly accidents.

Previously, members of the car park could pay up to £35,000 per year to keep a car there, with some spaces sold for as much as £450,000.

But now one Gulf billionaire owns the whole property, which is located in Knightsbridge.

A spokesman for Waterbridge Estates, which sold the car park, said: "The value of his collection is significantly higher than the price he has paid for the parking.

"A car park in central London is being sold for more than entire streets and villages outside the capital's centre and yet even upper-middle class generations are finding it impossible to rent in London, let alone purchase in their lifetime."

Local residents have complained in recent years because of the influx of 'boy racers' from Arab nations driving dangerously in London.

The streets around Harrods have become a meeting point for shows of wealth as billionaires drive expensive supercars around, often with little regard for the law.
Read Full Story