London Parking Spot Sells for £400,000

Offbeat

Marginally cheaper than the average London property price.

At nearly two-and-a-half times the cost of an average UK home, a parking spot in the capital has gone on sale for £400,000 (over $650,000 at today’s rate). With space for two cars, the underground space is near London’s Royal Albert Hall in Kensington. That's a swanky part of town about 800 meters from which is a car park that charges £35.10 a day. A quick calculation will tell you that the equivalent money for the prime parking spot will cover parking there for over 31 years.

A similar space in the exclusive underground lot went on sale last year for £275,000, but demand is such that in just ten months the price has rocketed by 31 percent. Despite the staggering price, locals in the area pay an average of £2.3 million for a home, with similar garage spaces in Knightsbridge regularly fetching £150,000. The agent dealing with the space has no doubt the asking price will be met.

You Might Also Like
Why We Really Need Supercars
Why We Really Need Supercars
The Greatest Turbocharged Cars Of All Time
The Greatest Turbocharged Cars Of All Time

Gallery

6
PHOTOS