Parking space on the market for more than the cost of a London home

By Hannah Neary, local democracy reporter

A parking space near a luxury location is on the market for more than a London home costs.

The underground space in Knightsbridge is listed for £300,000, while the average property across the city in London’s Barking and Dagenham costs £293,000, according to Foxtons estate agents.

The spot is located at 199 Knightsbridge, underneath a private apartment building and comes with 24-hour security, CCTV and a valet service.

The average property in Knightsbridge costs £2.83 million, according to Foxtons.

The space has been listed by estate agents Nicolas Van Patrick.

It is a short walk from luxury department store Harrods and the now infamously expensive Salt Bae restaurant.

The listing says it measures 5.6 metres by 2.5 metres and there is about 984 years left on the lease.

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

The space is 0.1 miles from Knightsbrige Station and 0.5 miles from Hyde Park Corner Station.

Kensington and Chelsea councillor Johnny Thalassites, previously 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.”

The lead member for environment, planning and place added: “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 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.”

It comes as a parking space opposite Harrods was put on the market last year  £250,000.