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A ‘parking space’ in South Kensington sells for £200,000

A small lane in South Kensington has been sold today for more than £200,000.

Car Parking Investment London

A small lane in South Kensington has been sold today for more than £200,000.

The narrow lane running behind a residential street in the West London borough has been purchased after a lively bidding war. Put on sale by the private family trust who owned the land, the path is a public walkway and cannot be built upon.

The agent behind the sale, Annabel Haan at Colliers, said that the buyer, who has elected to remain anonymous, has “paid quite a lot of money for what is essentially an extra car parking space. But the value it adds to their properties is more than that.”

Ms Haan added: “If you can afford to purchase a piece of land directly behind your land that you can control and park your car on, you’re just adding to the value of your property”.

The popularity of alternative property investments such as parking spaces has grown rapidly across the UK, with a number of investment projects attracting attention, including the UK’s most expensive car parking space also located in Kensington.

Placed on the market for £480,000 in March, the car parking space at Kingston House North offers 24-hour security, extensive CCTV protection and a valet service in what is described by agent Foxtons as being “a secure, prestigious and exclusive environment.”

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