Fulham properties, with no planning permission, join the 'crazy prices' auctioneers are achieving in parts of the capital
Three of the garages, are currently let, bringing in an income of £2,760 a year, but the buyer is expected to knock them down and replace carparking with carpeting. Property prices in Hammersmith & Fulham, where the garages sit just off the Fulham Road, rose by almost 16% in the year to March, according to the Land Registry.
Clearly the buyer thinks there is still value to be had. Although the seller is understood to have carried out a feasibility study on a development of two two-bedroom townhouses, the site does not have planning permission.
The man who brought down the hammer on the garages, Andrew Binstock of the Auction House London, said the price "was a surprise for everyone involved".
Binstock said the lack of planning permission made the garages a widely attractive proposition, with bidders seeing its value as anywhere between £100,000 and the eventual sale price.
"If it had planning permission there would be much more precision as to what the value would be – people would have an idea of how much they could sell the development for and the only variable would be the perceived cost of building it," he said.
"Not having planning permission has a downside because you are taking some risk, but in this case it was a massive upside – without planning there are unlimited opportunities."
Binstock said this was just one of several lots that sold for "crazy prices". On the same street as the garages, a house divided into two one-bedroom flats and one four-bedroom home went for almost £1m over its £975,000 guide price.
"The auction market is exceptional at the moment and no one can work out why," said Binstock. "There is a shortage of stock and people are looking for exciting opportunities in good areas."
And for someone, six ageing garages seem to present just that.
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