19ft parking space for sale...only £250,000


Last updated at 01:14 20 January 2008

A parking space near Harrods has gone on the market for £250,000 – and that's just for a 90-year lease.

The 19ft-long spot is in an underground car park two floors below the exclusive Number One Hans Crescent block of apartments opposite the Knightsbridge store.

Its current owners are moving abroad and have to sell it because spaces must be owned by people who live within a 400-metre radius of the site.

Hamptons International, which is marketing the space, has written to existing owners saying:

"We are offering the space with a 90-plus-year lease for £250,000. Please feel free to contact the office . . . if you are interested in taking up this rare opportunity."

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Some people have more than one space in the car park, in which owners can cosset their Bentleys and Ferraris.

One foreign tycoon is believed to have three vehicles parked at the site – a Mercedes, a Bentley and a Rolls-Royce – yet does not drive any of them as he is too old to take his test in this country.

Oddly, there is also a clapped-out Morris Minor 1000. Sporting two flat tyres, the classic car is thought to have been in the same space for at least

four years.

Astonishingly, the price tag for space K57 may be conservative. Businessman Michael Harris, who bought a spot in the car park in Basil Street four years ago for £67,000, said he had been told his could now be worth £300,000.

The 67-year-old grandfather, who keeps his eight-month-old Bentley GTC coupé there, says he has been told his spot is worth more than the one for

sale as it stands alone, avoiding the dangers of the car being scratched by other drivers.

Mr Harris said: "At the time I bought my space, £67,000 seemed like a good deal as I wanted somewhere secure and local to park my car, which was then a Ferrari Marinello 500.

"I'm not surprised the prices have got so high – I was told mine is worth about £300,000. I don't think I would pay a quarter of a million, though, but there are plenty of people who will. I'd imagine in five or ten years, spaces here will be worth half a million.

"There are at least three billionaires who have their cars here and several multi-millionaires."

The car park is owned by Harrods Estates. Its residential sales manager, Shaun Drummond, said the asking price reflected soaring values in the Knightsbridge area.

He added: "The K57 space is very large and is in a secure car park monitored 24 hours a day. We have sold spaces for £175,000 and £200,000 in the past, but I can see this one going for more than that. It's an asset increasing in value, just like the apartments above it."