25 Apr

Garage sells for record price

Garage sells for record price

A garage in London has sold for a total of £550,000 at a property auction.

The disused garage in Camberwell used to house the mayor of Southwark's car and was bought by an unnamed buyer for more than the cost of an average home in the capital .

It was given an estimated sale price of £200,000 but demand for property in the capital seems to have driven up the final price significantly.

Jeremy Lamb, associate director and auctioneer, said: "It's an empty shell of a building. It's in a reasonable state, but there are quite a few cracks in the walls."

"We had about six or seven bidders at the auction - a mixture of residential developers, investors, potential occupiers and artists. However, the number of bidders quickly dropped as the price went up."

It has been suggested the building has been purchased by a local artist to use as a studio.ADNFCR-1222-ID-801715098-ADNFCR

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