Double garage in posh part of London sells for record-breaking £670,000
It sold for well over the original asking price of £525,000
A GARAGE in a posh part of London has sold for a record-breaking £670,000.
The double garage is between two large homes near the River Thames in Chelsea.
The garage in south west London is described to be as in the "best part of Chelsea" and those at the auction blew the original asking price of £525,000 out of the water.
A London-based phone bidder was the lucky winner of the building - which already has planning permission to convert it into a one-bedroom home.
Bidding escalated as people battled it out for the 332 sq/ft garage.
It is opposite Justice Walk, in Old Chelsea, which was once the location of a notorious 18th Century courthouse and gaol.
Criminals were held before being trialled and sent to the gallows or Australia as punishment.
Once convicted, they would be taken on short walk to prison ships moored on the River Thames, before being sent to British Penal colonies.
But the site is no longer one where criminals are trialled - it is now one of the most expensive and desirable parts of the capital.
The large family homes on Lawrence Street, a street lined with high-performance cars, are typically worth upwards of £5 million while the former courthouse on Justice Walk was recently on the market for almost £15 million.
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It is just off Cheyne Walk, one of the capital's most expensive streets, where residents have included Roman Abramovich, Mick Jagger, Sol Campbell and Michael Bloomberg.
Due to the previously granted planning permission from the Royal Borough of Kensington and Chelsea in July 2014, the home would include a kitchen, living room, toilet, bedroom and en-suite bathroom.
Chris Coleman-Smith, from Savills Auctions, said: "It is like a little oasis in Chelsea. It is a fantastic spot, north of Cheyne Walk and south of the Kings Road.
"It is very unusual to get a chance to do a new build in the area and this has the benefit of planning permission. I don't think we've sold a half a million pound garage before."
Another garage in Stoke Newington, London, sold for £309,000 against a guide price of £160,000.
On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.
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