An underground car parking space opposite Harrods has gone on sale for £250,000 – just under the average price of a UK home and enough to buy a six-bedroom detached house in Middlesbrough.
Despite its price tag, the parking space is actually too small to accommodate large cars as favoured by the super-rich, who are the most likely to shell out for the luxury of being able to park in Knightsbridge.
Space K28 in the Basil Street car park measures about 2.5 x 4.2 metres, and covers an area of 10.5 sq m: even a short-wheebase version of the latest Rolls-Royce Phantom is 5.76 metres long, and the new Maserati Quattroporte 5.26 metres. Average parking spaces in the UK are 2.4 x 4.8 metres, according to the AA.
High end estate agent Knight Frank said the space is “ideally located opposite Harrods” and boasts 24-hour security coverage. “Basil Street is moments away from the world-class hotels, restaurants, luxury boutiques, shops, amenities and museums that the area has to offer.
“Basil Street car park was built in the early 2000s and benefits from both separate entrance and exit driveways from Basil Street, private pedestrian access from Basil Street via lift for car-parking space owners, 24-hour remote access, as well as 24-hour security.”
As well as the purchase price, the new owner would also have to pay £780 a year in service charges over the 82-year lease.
Johnny Thalassites, Kensington and Chelsea council’s lead member for environment, planning and place, said news of the hugely expensive parking space was “very frustrating” and “disheartening” for local people trying to buy homes in the area.
“We’re in desperate need of housing and as a borough with some of the most expensive land and property in the UK, it’s very frustrating to see a six-figure price tag on a parking space and disheartening for those looking to get on the property ladder,” he said.
“It’s a major challenge for us as a council as we look to build new homes. Despite the challenge, we’re making progress, with the first of our 600 new homes – 300 at social rent – now under construction.”
The average house price in Knightsbridge is £2.75m, according to Foxtons: roughly 10 times the UK average.
