A garage in the prime central London district of Marylebone – which is the size of a small studio flat – is set to go under the hammer with a guide price of £135,000.
The 320sq ft garage is part of the ground-floor of an end-of-terrace building in Devonshire Street, close to the manicured green acres of Regent’s Park in W1.
Garages in London rarely come to auction. In fact, only seven have been listed for sale in the past five years through estate agent Savills. As such, they can sell for up to double the guide price. Earlier this year in Chelsea, a single-storey garage with a guide price of £180,000 attracted a flurry of offers and eventually fetched the staggering price of £360,000.
Parking costs up to £13 an hour in Marylebone so, if the new owner isn’t looking for secure parking for their own car, the garage could become a nice little earner.
However, the lease, which currently stands at 61 years, will need to be extended. Notice hasn’t yet been served, which means there is no estimate as to how many thousands this will cost, so potential buyers will need to do their homework.
Getting all the legal paperwork checked ahead of an auction is generally good practice as properties can have legal issues which may affect the value of the property and the ability to raise finance. Many solicitors will check the auction legal pack for a nominal fee prior to bidding and if successful this fee is usually deducted from the final bill.
Other unusual lots in next week’s auction include a one-bedroom house in south east London’s Hither Green with a guide price of £100,000, and a ‘loft-space’ with planning consent to build a one-bedroom flat for £150,000 in west London’s Hanwell…
The Savills property auction is being held at The Marriott Hotel, Grosvenor Square, W1k 6JP; 1 November 2016 at 9am; the garage is listed as lot number 114.