Parking spaces on sale for millions in London’s upmarket Mayfair

Eight parking spaces in the exclusive Mayfair district of London went on sale yesterday for a guide price of $3.6m (£2.25m).

At nearly half a million dollars apiece ($450,000), each space is priced higher than the average UK house, which the Office for National Statistics calculates currently to be $439,000.

A private forecourt, it’s a speck of London most likely too small to build on. And anyone hoping to snap up just one space or two will be disappointed – the eight are being sold together.

Real estate broker Carter Jonas LLP said the space would best remain as parking.

"Collective parking space in Mayfair is a rare commodity," Ashley Coleman, head of Carter Jonas in Mayfair said in a statement. 

"It is very likely to appeal to a wealthy resident looking for good home for their luxury fleet of vehicles."

The spaces have a 990-year lease, the broker added.

Thanks to an influx of foreign investors, London is booming as a centre of luxury residential development. Some $96bn of luxury homes are to be built there over the next decade, according to consultant EC Harris.

Luxury home values in the capital climbed 75% in just over five years, broker Savills Plc said on 10 September.

Meanwhile, UK home prices rose 11.7% in the 12 months to August, the Office for National Statistics said.

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