Home Residential Property Take a look at the £700,000 garages sold for 10x guide price

Take a look at the £700,000 garages sold for 10x guide price

by LLP Editor
1st May 14 12:07 pm

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!”

Now read:

London’s most overpriced miniscule spaces that cost over £100,000

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