£250,000 parking space in Knightsbridge on the market for over a year

By Hannah Neary, Local Democracy Reporter

A parking space opposite Harrods on sale for £250,000 has still not sold despite being on the market for over a year.

The private spot along Basil Street, Knightsbridge has been listed on Rightmove since November 25, 2020 – but no one has bought it.

It sits across the road from one of the world’s most famous luxury department stores and is being advertised by estate agents Knight Frank.

The space is shorter than the average UK parking spot at 4.62 by 4.57 metres (15.2ft x 15ft).

The average UK parking space is 2.4m wide by 4.8m long, according to The AA.

An advert for the space says there is about 82 years left on the lease and the car park offers 24-hour remote access and security.

It adds: “Basil Street is moments away from the world-class hotels, restaurants, luxury boutiques, shops, amenities and museums that the area has to offer.

“Knightsbridge Tube station is within close walking distance.”

Six-figure parking spaces are not unusual for the area as Kensington and Chelsea is London’s most expensive borough.

The average property in Knightsbridge costs £2.5 million, according to Foxtons estate agency.

One space in Knightsbridge sold for over £5 million in March 2016.

Another parking space has been on the market since June 2020 for £300,000 – more than the average home in Barking and Dagenham.

A planning boss for Kensington and Chelsea Council previously said the six-figure fee was frustrating to see for residents who are struggling to get on the property ladder.

Councillor Johnny Thalassites told the Local Democracy Reporting Service: “We’re in desperate need of housing and as a borough with some of the most expensive land and property in the UK.

“It’s very frustrating to see a six figure price tag on a parking space and disheartening for those looking to get on the property ladder.

“It’s a major challenge for us as a council as we look to build new homes. Despite the challenge, we’re making progress, with the first of our 600 new homes – 300 at social rent – now under construction in Hewer Street and Kensal Road.”

A Bath city-centre parking space sold for £115,000 two days after being advertised in early September.

Knight Frank declined to comment.