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Dingy Chelsea Garage Likely To Fetch £550,000 At Auction

Have Half A Million Pounds To Spend? What About This Dingy London Garage...
Asa Bennett
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This dingy London garage, measuring just 11ft by 7ft, is set to be sold for around £550,000 at auction.

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In further evidence of the capital's extraordinary property market, someone is expected to fork out over half a million pounds for this battered old garage as it is based just off the King's Road in ultra-plush Chelsea.

The garage, hidden away at the end of an alleyway behind a row of terraced houses on Lamont Road, is described as an "irregular shaped, broadly level site, which extends to just 0.013 acres, or 538 sq/ft".

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The Lamont Road garage has planning permission to be knocked down and turned into a single-storey home.

Gary Murphy of Allsop, which will be auctioning off the garage later this month, said: "This could turn out to be the highest price paid for a single garage in the capital. But then again it does have planning permission for a house, and what a great opportunity to build your own home just off Chelsea’s King’s Road – one of the most desirable locations in London.’

Someone May Pay £550,000 For This Garage
Pay over £500,000 for the garage and you could build this...(01 of02)
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The pad could boast a basement, two bedrooms, a living room, kitchen/diner, toilet, guest shower room and pato.
Doesn't look so bad, does it? (02 of02)
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See also:

11 Reasons The Bank Of England May Be Ignoring A Housing Bubble
And even world snooker champions...(01 of10)
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Ronnie O'Sullivan says a huge housing bubble (and crash) will happen.Or in his words: "Baby it's coming."
Central London house prices are rising £729 per day(02 of10)
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The average price for a three-bedroom house in central London has increased by £729 a day over the last year, equivalent to a quarter of a million pounds, estate agency Marsh & Parsons said.The estate agent firm said the scale of house price inflation meant that prices rose by 19% since April 2013 to an average of £1.6 million, equivalent to £5,120 a week, or eight times Londoners' £658-a-week median salary.
Single people can't seem to afford to own a property (03 of10)
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Less than one in ten properties in many parts of the UK are affordable to single house-buyers, according to the homeless charity Shelter. Meanwhile, three central London areas are completely unaffordable for couples with children or single people living on average wages: Kensington and Chelsea, Westminster and Camden
This garage was sold for £251,000(04 of10)
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It's JUST a garage.
And this tiny Chelsea lawn went for over 80 grand(05 of10)
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This tiny lawn in Chelsea sold this month for £84,000, and it doesn't have planning permission or right of way.
This garden looks a bargain by comparison(06 of10)
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It sold for £53,000 last September - and you can't do anything on it at all
You'll only need save for 30 years to buy a home...(07 of10)
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So says independent research commissioned by Shelter .That boy has already started on his first house...
You might as well move here(08 of10)
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It's cheaper to commute from Spain than to live in London.
Other Bank of England chiefs are worried...(09 of10)
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Sir Jon Cunliffe, the Bank's deputy governor for financial stability, has warned that it would be "dangerous to ignore the momentum that has built up in the UK housing market."He also said that the housing market was the "brightest light" blinking on the dashboard of financial hazards that the Bank monitors.
Broadbent himself admits he may be wrong(10 of10)
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While arguing that Britain is not showing signs of a housing bubble, Broadbent admitted that it may be easier to spot with hindsight. “Bubbles are things that are things that are far easier to identify after the event than at the time," Broadbent told Radio 4's Today programme. (credit:Reuters )
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