£50K for a parking space

Normally when you see car parking spaces selling for crazy prices, they're in London. These five being offered for auction with a guide of £50,000 each are in St Ives, Cornwall.

You might think the auctioneer is having a laugh, but the firm selling them, Bradleys, has already turned out an offer of £100,000 for two of them. "We're waiting because we're hoping we might get even more," St Ives branch manager John Harvey told the Cornishman newspaper.

£90K for a space on Park Lane
£90K for a space on Park Lane
We admire the entrepreneurial spirit behind their development. Previous owners of an adjoining house in this posh seaside town tried and failed to get planning permission for a two-storey house on the plot. So the new owners came up with this wheeze. St Ives might not be London but it does attract rich second homers who like the squashed-against-a-hill charm of the place but find many of the desirable homes don't come with parking.

Of course London is still home to bonkers prices for spaces. Top of the list on a Foxton search was £87,500 for 9sq m to call your own in an underground car park on Park Lane, just a bit more than this three-bedroom terraced house in Middlesborough.

This goes both ways of course - if you've a nice parking space that doesn't get used you can sell, or less drastically, rent it out through a website such as parkatmyhouse.com

Even if you do use your parking space, perhaps you shouldn't. As PHer ghibbett found out last year when insuring his BMW M3, the premium was cheaper when parked on the street compared on his driveway or in his garage. So rent out your space, put your P&J on the street and say hello to cheaper motoring. Or just be glad if you don't live a place where parking's so insanely competitive.


P.H. O'meter

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Comments (68) Join the discussion on the forum

  • mr2j 06 Nov 2012

    All the dealers round my way park there M3s on the street - I guess nobody would dare touch them anyway.

  • struttob 06 Nov 2012

    Anybody who has tried (usually in vain) to park in St Ives will have some sympathy with this situation.

  • Munich 06 Nov 2012

    Not quite on the same level, but I have just paid 25,000€ for a underground parking space here in Munich. Baring in mind that anything property related is always massively more expensive in the UK, 50,000 GBP seems like a bargain....

  • Greg 172 06 Nov 2012

    That's £50k plus a buyers premium for the estate agent of £5k (plus tax). Easiest money ever for an estate agent?

  • waterwonder 06 Nov 2012

    The buyers fee alone is £5k + VAT according to the link. I don't know the place but for that sort of money i think i'd buy/rent a lockup outside the town put a nice car in it and then cycle/moped/taxi to my house.

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