A balcony in South Kensington has been sold for £35,000 as the buyer said they purchased it for the parking permit.
The 128 sq ft balcony on Stanhope Gardens, near Gloucester Road Tube station in west London, was listed for £50,000 with Next Home Ltd in July.
Agent Glenn Jacobs said that the property is being bought for its parking permit, as the balcony’s new owner had bought a property nearby and negotiated a price reduction because it did not come with parking.
The owner is buying the terrace for £35,000 and will contribute £1,300 for the annual service charge.
Mr Jacobs said although they had received more than 200 inquiries when they listed the balcony, he had not expected it to be used for this purpose.
‘This makes perfect sense’
“It wasn’t something we’d thought of initially… I thought of every other thing. I got told of tents and canopies and all sorts of weird and wonderful ideas, but this one makes perfect sense,” he said.
Prices for parking spaces in London have risen astronomically, with £80,000 representing the lower end of the market, while top-end spaces can be sold for as much as £250,000, Patrick Alvarado, director of Nicholas van Patrick, told the Evening Standard.
The balcony’s buyer discovered the property through their buying agent, and they are planning to put a plastic or glass frame around the terrace so that it is waterproof.
Mr Jacobs said that one interested buyer in China had wanted to use the balcony as an art space, offering £50,000.
The offer went to the solicitors but after two weeks of silence, the balcony was put back on the market, and since November, he has received 191 new inquiries about it.
‘It took hours to filter inquiries’
He was also approached by a group looking to hold a dance class in the space, to which he said: “I bet the neighbours would love that.”
With around 400 inquiries in total, Mr Jacobs said that it took hours to filter them.
Some inquiries were clearly meant in jest, or some were from people who thought the entire flat was for sale.
‘It sparked a lot of people’s imagination’
Others have got in touch wondering if they can sell off parts of their own property.
“It sparked a lot of people’s imagination, ie ‘I can get a quick 50 grand from separating my garden up.’ It’s not as straightforward as that,” he said.
He added: “I think it’s a sign of the times: the poor are getting poorer, and the rich are getting richer.
“I think people that are struggling are more likely to view it negatively – people in Chelsea putting up balconies for 50 grand.
“It’s caught people’s attention on that basis – people can’t afford rents, and now they can’t afford terraces. It’s tough at the moment. I think this struck a chord.”
https://www.telegraph.co.uk/news/2023/12/17/balcony-bought-london-35k-parking-permit/
