Win the city parking war
Anyone living in the capital with a car knows central London is a parking nightmare. Resident parking hardly alleviates the problem because many boroughs, like Westminster, offer limited spacing. Of course, you can always drive around hoping a space will miraculously present itself, but otherwise there is the prospect of a long walk from your car to your destination. Even then, there is the possibility of your car being scratched or damaged when left unprotected.
Juliet Rawlings of Rawlings & Co said, “Being able to have parking for ease is one thing – but for security and protection of the driver, occupants and the vehicle is quite another.”
It comes as no surprise, then, to see that properties with integral garages are commanding impressive prices. One such property is Hays Mews, a contemporary townhouse which features an integral garage, on the market for £6.95m with Rawlings & Co and Savills.
Meanwhile, £240,000 per unit might sound like the bargain of the century for Hyde Park Gardens, the exclusive area of central London where flats sell for approximately £2,000 per square foot and range in value from £1m to £20m. But the £240,000 isn’t the price of a flat but for a single, leasehold, uncovered on-street parking space. One of these spaces was recently sold by Kay & Co to a resident of Hyde Park Gardens, where for every three apartments only one parking space is available. Martin Bikhit, managing director of Kay & Co says: “For buyers at the top end of the market, the comfort of having a private designated parking space on their doorstep is worth the fierce competition and premium price.”