15 March 2016
A car parking space in central London has been put on the market for £350,000, making it the most expensive in the UK and significantly more expensive than the average property in England & Wales.The 19.5ft by 8ft parking spot, which is on an 88-year lease, is located in Hyde Park Gardens, roughly half way between Paddington and Lancaster Gate tube stations, making it convenient nonetheless for those with an office or property in Marylebone or Mayfair. The space is on the market with Knight Frank. But this isn’t the most expensive car parking space ever to go on the market in London. In 2015, a three-car space in a secure underground car park went on the market for £480,000, and previously a two-car bay in Kensington sold for £400,000. But while London prices may seem expensive compared, for example, to Hong Kong, where spaces have sold for up to $640,000 (£57,000), they are nonetheless considerably cheaper than New York, where spaces have gone for $1 million (£660,000).By comparison, the second most expensive parking space for sale in the UK is located in Edinburgh’s New Town, a relative bargain at £85,000.Some however question the wisdom of paying such prices especially in the UK, given that there is a steady market in rental car parking spaces – even if you rented the most expensive space currently available in Westminster for 50 years it would still cost less that £350,000.