A DRIVER has purchased a balcony in west London for £35,000 just to secure a parking space.
The 128 sq ft railed off terrace in South Kensington, located a short distance from Gloucester Road Tube station, doesn’t come with any internal area and can only be accessed via a private lift.
The buyer owns a property nearby, but it didn’t come with a car space, prompting them to buy the terrace purely because it came with a parking permit.
The balcony was listed for £50,000 with Next Home Ltd in July, but the new owner snapped the space up for £35,000. They will also pay £1,300 in annual service charges.
Agent Glenn Jacobs said he received more than 400 expressions of interest for the “garden,” but was shocked it was purchased to be used solely as a car space.
He told The Telegraph: “It wasn’t something we’d thought of initially… I thought of every other thing. I got told of tents and canopies and all sorts of weird and wonderful ideas, but this one makes perfect sense.”
Mr Jacobs said one interested buyer from China wanted to buy the property, which comes with its own title and 110-year lease, just to use as an art space.
The offer went as far as the solicitors but the sale fell through, and the balcony was back on the market after two weeks.
The eventual sale inspired other Londoners to contact Mr Jacobs to inquire about selling off parts of their own properties to make “a quick 50 grand” from dividing their gardens, but Mr Jacobs warned it isn’t that straightforward.
He said: “It’s caught people’s attention on that basis – people can’t afford rents, and now they can’t afford terraces. It’s tough at the moment. I think this struck a chord.”
An advertisement for the property on RightMove read: “Third floor terrace with a lift entrance in prime South Kensington location. Ideal for property or business portfolio expansion. Only a 20-minute walk to Harrods.
The ad boasted excellent transport links with Gloucester Road and South Kensington stations, and convenient access to shops and cafes.
It added: “Next Home Ltd presents a unique opportunity to acquire this exquisite terrace with its own private entrance via a lift, located in one of South Kensington’s most coveted addresses.”
“This exciting property is ideal for individuals looking to expand their property or business portfolio.”
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