A row of six rundown garages in London has been sold for an eye-watering £700,000.
The garages in Parsons Green have gone for almost 10 times their guide price of £75,000 and four times as much as the average house sold in England and Wales.
Before the sale, the owners were renting three of the garages for £65, £80 and £85 per month.
Auction House London’s director Andrew Binstock said “This lot goes to prove the auction model in all its glory: If you take an exciting development opportunity in a prime part of London marketed correctly by a good auction company with a low reserve and then opening it up to a thrilling bidding war with an auctioneer pushing the bidders hard to extract every last penny, the outcome can be astounding!”
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