A parking space in Hyde Park, London, measuring 11ft x 12ft has gone on sale for a record-breaking £300,000 – almost twice the price of the average UK home.
Last year, two similar spaces in the exclusive area were sold for £250,000 each, where house prices can reach an eye-watering £15 million. This 321 sq ft space comes with a 91-year lease.
Who in their right mind would buy that, you ask? Estate agents Kay & Co have confirmed that several people have already expressed an interest in buying the space.
Mathew Abernethy, associate director at Kay & Co, commented: “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.
What could £300,000 buy me?
- 30 Fiat 500s
- 15 Volkswagen Beetles
- 10 BMW 3 Series cars
- 1 Lamborghini Aventador– with £50,000 left over for insurance, tax and fuel.
Forget the parking space. £300,000 could buy you a Lamborghini Aventador and give you £50,000 in change to pay for your insurance, tax and fuel costs.
At the moment, parking fines in this area of London can range from £80 to £130, which are halved if paid within 2 weeks. This means it would take about 20 years to rack up £300,000 in fines.
In comparison, buying the £300,000 parking space would only cost you £9.20 a day over the 91 year lease period. A bargain, really.
While we don’t have any Lamborghinis in stock, we do have a range of luxury cars at our Prestige & Performance centres across the UK.