Three Garages Sell For Astonishing £500,000

Three garages sell for astonishing £500,000 despite having no planning permission

The row of garages near Wandsworth Common, south-west London, were offered with a guide price of around £130,000. But there was a bidding frenzy when the lot went under the hammer (Picture: SWNS)

Auctioneers were left stunned when three garages sold for a staggering £500,000 – despite having no planning permission.

The row of garages near Wandsworth Common, south-west London, were offered with a guide price of around £130,000.

But there was so much interest that the first bid came in at £175,000 when the lot went under the hammer at Barnard Marcus Auction on Great Queen Street, London.

Investors in the saleroom and on the phone battled it out for the freehold garages, which have parking at the front and are built on the side of a semi-detached family home.

The winning bidder ended up paying £500,000 for the three garages – which is almost three times the average price paid for a home in England and Wales last month.

At half-a-million pounds, it is also considerably more than the average price paid for a home in London.

This row of three garages on Blenkarne Road, London, which have sold for £500,000 (Picture: SWNS)

The garages are located on Blenkarne Road, to the rear of Thurleigh Road, and between Wandsworth and Clapham Commons in SW12.

There is currently no planning permission, making the £370,000 premium all the more extraordinary.

If the unnamed buyer does manage to get planning permission, then their speculative punt could pay off.

Rightmove says the average price of a home in Wandsworth is £640,000, with a terraced property costing £905,000. A semi in the area costs £1.46 million.

The three garages in Wandsworth is the latest large price paid for a lock-up in the capital.

In May, an investor bought a row of six garages in Parsons Green which were offered with no planning permission for £700,000 – ten times the estimate.

And in April, a former coach house in Camberwell, which was used to park the Mayor of Southwark’s car, sold for £550,000.

Source:- http://metro.co.uk/2014/07/31/broken-britain-three-garages-sell-for-astonishing-500000-despite-having-no-planning-permission-4816427/