Why Garages Are The Hot New Property Development Kids On The Block

26 Nov

Long gone are the days when garages were where you parked your car.  Over-flowing full of stuff you probably didn’t even know you owned, London garages are a golden ticket for many vendors – and for some creative buyers – a lottery ticket to property development riches.  Forget about the streets being paved with gold – it’s driveways and garages which are the big winners nowadays!

Garages for sale in London are big business.  The prices paid for these scraps of land and corrugated iron may be jaw dropping – but, for those in the know – garage property development is where the BIG money’s at.

The first rule of garage re-development is understanding that you are not really buying what is currently there.  Garage re-development is about *potential*, it’s about future opportunity and what could be.  The second rule of garage re-development – forget you’re buying a garage – you’re buying a potential development site.

To get you on your way, here are three of the latest London garage development opportunities for sale at auction.

Hampstead Lock-Up Garages

Guide price: £1M

mchfs11

Lock-Up Garages, Rear of 26 New End Square, Hampstead, NW3 1EU

When you think about spending one million pounds on property, the first thought that comes to mind probably wouldn’t be 6 lock-up garages.  But remember – we’re talking *opportunity* – which is what these garages are.  Occupying a site of approx. 188 sq metres and with potential for residential development (subject to planning) this site is located in a sought after residential area in the heart of Hampstead, where one bed flats typically sell for well in excess of £500,000.

The site is being sold by order of the London Borough of Camden and informal planning comments on the site are available in the legal pack.  As is usual with many council disposals, the special conditions of sale provide that the purchaser is to pay an additional sum of 2% of the purchase price towards the vendor’s costs.

For more info contact the auctioneer

 

Kentish Town Garages And Land

Guide price: £350,000

kentish garages

Garages adjacent to, 25-26 Wolsey Mews, London, Kentish Town, NW5 2DX

For the price of a one bed flat in this area – here you have on offer three single-storey lock-up garages with land to the rear.  Located within a mixed commercial and residential area in this thriving north London suburb, Wolsey Mews runs parallel with Kentish Town Road with Kentish Town Train Station (Northern Line underground and Thameslink overground services) a short walk from the property.  Occupying a site of approx. 189.15 sq m, this freehold site offers potential for residential development, subject to obtaining the necessary consents.

The site is being sold by order of the London Borough of Camden and as is usual with many council disposals, the special conditions of sale provide that the purchaser is to pay an additional sum of 2% of the purchase price towards the vendor’s costs.

For more info contact the auctioneer

 

Lock-Up Garages For Sale NW6

Guide price: £850,000

mchfs16

Garages to the South of 27(A) West End Lane, West Hampstead, NW6 4QJ

Another lot being sold by order of the London Borough of Camden is this Freehold site with six lock-up garages.  Occupying a site of approx. 0.062 acres – there is potential for residential development (subject to planning).  Situated between Kilburn High Road and Abbey Road, in a popular residential area close to local shopping/travelling facilities including Kilburn High Road Rail and Kilburn Park Underground Stations, West Hampstead Rail and Underground Station and West Hampstead Thameslink.  One bed flats in this area typically sell in excess of £350,000 meaning a garage re-development scheme could see the new owner quids in!

As before, the special conditions of sale provide that the purchaser is to pay an additional sum of 2% of the purchase price towards the vendor’s costs.

For more info contact the auctioneer

Be Sociable, Share!