Chelsea garage sells for half a million

Sale comes as Land Registry claimed property market in capital was cooling

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The latest indication of the madness of London’s property market has been illustrated by the sale of a Chelsea garage – for half a million pounds.

The eleven by seven foot shack, on Lamont Road off from the Kings Road in Chelsea, is large enough to hold only one car but went for £550,000 - a price that is twice the size of the average UK asking price.

The garage was supposed to have been sold at the Allsopp Auction in Marble Arch yesterday, after it went on the market two weeks ago but a spokesperson for the company selling the hut said to the Daily Telegraph: “The garage was sold [on Tuesday] for close to asking price.”

Situated next to a row of houses, the garage is part of a “irregular shaped, broadly level site” of about 0.013 acres, which works out at nearly £1,000 per sq ft.

Last year planning permission was granted to convert the shed into a home, explaining property developers urgency to buy the plot. Homes in the Royal Borough of Kensington and Chelsea regularly go for millions.

The Telegraph claimed that once demolished the shed would be replaced with a single story building with a basement addition. It will have two bedrooms, a living room, kitchen, two bathroom and patio.

Earlier this week the Land Registry noted that property prices in London dropped by 0.7 per cent, in a sign of a possible cooling of the market.