Parking space in central London: a snip at £250,000

Don't let anyone tell you that it's impossible to buy anything in Knightsbridge for £250,000. Rightmove is currently advertising somewhere at exactly this price. There's just a small drawback: it's not a flat, it's a parking space.

The space is inside the swanky apartment block, The Knightsbridge, which is a stone's throw from Hyde Park and the centre of Knightsbridge. It's a smart place to park your car, and very handy for the billionaires who own second, third or fourth homes in this part of the capital.

The sellers are well aware of their target audience for this particular sale, and along with a photo of the space, the sales particulars include an illustration of a gold-plated Rolls Royce.
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Is it worth it?

There will be those who argue that regardless of the location, this is a ridiculous sum of money to spend on parking, but they couldn't be more wrong. It matches the price being asked at nearby Kingston House - where spaces sell for between £135,000 and £315,000, depending on their size and position. It's only a fraction more than the £225,000 being asked for the decidedly less swanky lock-up garages further down the road in an older development.

It's also similar to the asking price of a number of spaces round the corner from the Dorchester Hotel at the end of last year. They were on the market for £280,000 each - plus a service charge and ground rent. The company selling the spaces at the time insisted it offered value for money - especially as this was an opportunity for a billionaire to buy lots of spaces together, where they could park their fleet of super-cars.

£250,000 is also a drop in the ocean compared to the most expensive space ever sold in London. That title went to an underground space near the Royal Albert Hall, which went for £400,000 in February this year. And for the world traveller, all of these prices will seem something of a bargain compared to the most expensive car parking space currently on the market - which is a $1 million space on sale in Manhattan.

We are, of course, free to roll our eyes and complain about the insanity of the London property market. However, it will make no difference: this space - and others like it - will continue to sell quickly to people who spend £250,000 on a car, so don't see the problem in paying the same again for somewhere to park it in town.

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