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Mayfair Parking Spots on Sale for More Than Average Home

Published on Oct 14 2014 9:27 PM in Hotel

Mayfair Parking Spots on Sale for More Than Average Home

Eight parking spaces in London’s upscale Mayfair district are on sale for £2.25 million ($3.6 million), a price that would value each spot higher than the £274,000 average for a UK home.

The spaces, in a private forecourt near The Dorchester Hotel and the restaurant Scott’s, will be sold as a single lot, broker Carter Jonas LLP said in a statement. The asking price breaks down to about £281,000 per space.

“Collective parking space in Mayfair is a rare commodity,” Ashley Coleman, head of Carter Jonas in Mayfair said in the statement. “It is very likely to appeal to a wealthy resident looking for good home for their luxury fleet of vehicles.”

London’s reputation as a haven for foreign investors has attracted affluent buyers to districts including Mayfair, Knightsbridge and Kensington. Luxury home values in the capital climbed 75 per cent in a little more than five years and are now 38 per cent above their previous peak, broker Savills Plc said on 10 September. UK home prices rose 11.7 per cent in the 12 months through August to a mix-adjusted average of £274,000, the Office for National Statistics said today.

Bloomberg News, edited by Hospitality Ireland

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