Finding a parking space for your car is always a problem in London, but this unique property up for auction could be the answer to your prayers.
An underground car park in Islington is being auctioned through Savills with a guide price of £1.9 million – and offers space for 90 cars.
This could be the perfect opportunity for a car enthusiast with an incredible collection or someone who wants to realize their dream of operating an underground car park.
The property is being sold empty, but according to auction photos, the underground car park appears to have been used to house vintage cars, including a classic Rolls-Royce and Ferrari, as well as a vintage racing car.
“This is an incredibly rare asset on the market, a 1,858 sq ft underground car park in Islington,” said Savills auctioneer Steven Cane.
“It is certainly unusual for something of this size, scale and location to be offered for sale,” Cane added.
“We therefore expect interest to come from both investors attracted by the opportunity for a profitable investment and private individuals looking to house their private car collection in a secure garage in an easily accessible location in London.”
For those who fancy playing Parking Space Tycoon, Savills have calculated that the car park could generate a gross income of £270,000 per year for its owner if each space was rented out for £3,000 per year. Access to the underground car park is via a ramp leading to an unassuming garage door that opens out onto the large car park.
It is located beneath Caister House on Roman Way, close to Highbury & Islington tube station and an eight-minute drive from Arsenal FC’s Emirates Stadium.
There is currently a permit for use for storage and preservation purposes.
A guide price of £1.9 million may seem high for a property that cannot be lived in – Londoners pay hundreds of thousands of pounds just for a single parking space.
In Islington, individual secure parking spaces are currently being sold for £40,000 per space.
London’s most expensive single parking space went up for sale in 2021, when a double garage on Oxford Street was offered with a guide price of £750,000.
With a private car park, you’ll never have to worry about a fine again. Last year, Transport for London and individual councils issued a record 4,100,177 parking tickets and collected £400 million in fines.
