Prefabricated garages have grown in popularity over the past few years, and their value has increased as a result. In fact, one London double garage recently sold for more than £250,000, which is £80,000 more than an average house in the UK. The Land Registry reports that the price of the average home in the UK is around £169,624, but one buyer snatched up a double garage at an auction for a price of £251,000.
This particular garage is actually two separate units, each with its own entry door. Each side has mains electricity connections, with the option of being able to connect to water as well. This makes it more versatile than many garages on the market today, because it can be used as a guest suite, flat, workshop or garage. The owner could even elect to use one part of it for parking and another part for other purposes. This unit was originally touted as a one-bedroom studio, which goes to show that there can be no end to the number of uses for prefabricated garages.
This garage is actually located in the Highgate area of north London, where the average price of a home is more than £6 million. These prefabricated garages are situated on Crouch Hill Road, but also have frontage on Clifton Road. They are in a residential neighbourhood that is also close to Crouch End, and several local shopping facilities. The plot of land where this double garage is located is actually small, but could possibly be used to build a home if the owners are able to get permission.
Reasons for Sales Price
Prefabricated or concrete garages are becoming increasingly popular in London due to the limited amount of parking space that is available in many areas. In this particular case, the plot of land could possibly have a residence constructed on it later, and this is why the new owners were willing to pay a large sum of money for the garages. The auctioneer who conducted the sale claimed that “such sales…often come with development potential, and developers will see that potential and pay large sums to secure ownership.”
Future of Prefabricated Garages
There’s no sign that the price of prefabricated garages is likely to decrease anytime soon. In fact, one garage that was six-metres long was recently placed on the market with an asking price of £525,000. This garage was located in the pricey neighbourhood of Knightsbridge, while another one located in Highgate was also placed on the market for £250,000. Perhaps the priciest lockups yet have been three units in the area of Primrose Hill, which were sold for a whopping £1.25 million back in 2010.
No matter where they’re located, concrete garages will continue to be a wise investment for property owners in the years to come. L M Concrete Garages is a leader in all types of prefabricated garages, and can build one to suit any purpose you can imagine. Call 01280 705456 to find out more.