A pair of humble garages on an upmarket north London street have gone on sale for an eye-watering £1.1million
For the staggering price, four times the average UK house price, buyers will get a pair of brick garages with red-painted doors on a residential crescent in Highgate.
Being marketed as a “rare opportunity”, the garages sit at the end of a row of large semi-detached 1920s houses near Highgate Wood.
Built in the 1920s, the garages have pitched roofs and were originally constructed for two car owners on the street who did not have their own. The plot also includes a small shed.
The site is being marketed with full planning permission to demolish the garages and build a new five bedroom house including a basement.
The proposed three-storey house, which features a generous garden and off-street parking, was approved by Haringey Council last year.
After buying the plot, buyers will have to build the home themselves. Average build costs in London show the 5,200 square ft home could be built out for an estimated £850,000, though the planned basement excavation could push this up.
According Rightmove, the average house price for a five bedroom property on the street is upwards of £2 million.
The listing by Benham and Reeves estate agents describes the garages as ”an extremely rare opportunity” to buy development land, with permission for a “substantial detached five-bedroom family home”.
Director of Benham and Reeves, Marc von Grundherr, said: “Highgate has always been a high demand area, particularly for those looking for largest, family homes while remaining within easy reach of central London.
“However, such sustained interest does mean that suitable stock is scarce and so this development opportunity offers a great chance to guarantee an outstanding property in a sought after area, built to your own personal specifications and taste.”
A number of garages in London have been put on the market at extortionate prices in recent years, highlighting the sky-high value of development land in the capital.
In 2016, a derelict garage went on sale as a development opportunity in Hackney for £360,000, which was more than a one bed flat on the street cost at the time. Local housing campaigners described the ‘appalling extent’ of London’s housing crisis.
Meanwhile in Kensington another two-car garage was priced at £300,000, marketed solely as a parking space.
