Would you spend £670,000 on a garage?

'‹A double garage in an upmarket part of London has been sold for a record-breaking £670,000 - but what can you buy in Lancashire for that sum?.

Wednesday, 27th July 2016, 2:42 pm
Updated Thursday, 25th August 2016, 6:07 pm
The garage in London which has a guide price of GBP525,000. An investor who parked his cash in a garage is set to make a fortune next week by selling the lockup for more than £500,000. See SWNS story SWGARAGE. The double garage is sandwiched between two large homes near the River Thames in Chelsea, south-west London. It is attracting the bumper price-tag because the owner has managed to get planning permission to convert the garage into a one-bedroom home. But there is a good chance the 332 sq/ft garage could sell for even more when considering the prices they have been fetching in the area recently. Savills Auctions, which is selling the garage, have sold two lock-ups in the area this year for almost twice the sale estimate. Whoever buys the garage can knock it down and replace it with a one-bedroom home spread over two storeys, as well as a basement. Plans for the work were submitted to the Royal Borough of Kensington and Chelsea in July 2014 and, despite a number of objections from locals, were app

For that princely amount, you could buy a luxurious detached property in t​​he beautiful Lancashire countryside.

Or maybe half a dozen terrace houses in Preston city centre!

The results illustrate the massive north-south divide in property prices.

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The premium-priced London lock-up is sandwiched between two large homes near the River Thames in Chelsea, south-west London.

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.”

The auction house, which described the garage as being in “the best part of Chelsea”, gave it a guide price of £525,000 - two-and-a-half times the price of the average home in England and Wales.

Bidding quickly exceeded the estimate as investors battled it out to get their hands on the 332 sq/ft garage.

The new owner, a London-based phone bidder, managed to outbid a number of people with a final offer of £670,000 for the garage.

The garage sale is - only slightly - less staggering when you consider the current owner has secured planning permission to convert it into a one-bedroom home.

In the Preston area, you could buy a stunning four-bedroomed, detached house in Camforth Hall Lane, Whittingham for £650,000.

The property is being marketed by Entwistle Green Longridge and has around and acre of land.

It boasts character features such as a feature Derbyshire stone fire with cast iron gas log burner, exposed timber beams and galleried landing.

This lovely, light property offers three reception rooms with a family dining kitchen, utility room and ground floor WC and five-piece family bathroom, master en suite and guest shower room serving the four double bedrooms.

Another stunning property is a detached house and annexe for sale for £625,000 at Durton Lane, Broughton, Preston.

Gill Cant of Fulwood is marketing this property.

It is a four-bedroomed cottage style farmhouse/barn conversion with a self-contained, two bedroomed attached annex. Set in approximately one acre of beautiful gardens, surrounded by open countryside and close to M6 /M55 motorways. Outbuildings include a detached double garage currently converted into an office and WC. Caravan port and separate timber garage. The house was rebuilt in 1994 and the kitchen extended and replaced in 2015.

And if you wanted to splash out on smaller properties in Preston, you could pick up a 3-bed terrace house for around £100,000 near Preston city centre. Or a one-bed or studio flat for around £50,000.

You pay your money and you take your choice....