Finding a place to park your car in London is a perennial problem, but this unique property coming up for auction could hold the answer to your prayers.
An underground garage in Islington is up for auction via Savills with a guide price of £1.9 million — and room for 90 cars.
It could be the perfect opportunity for a car enthusiast with an incredible collection, or for someone looking to pursue their dream of running an underground car park.
The property is being sold vacant, but from the auctions photos it appears the underground garage has been used to store classic cars including a classic Rolls Royce and Ferrari, and a vintage racing car.
“This is an incredibly rare asset to come to the market, a 20,000 sq. ft underground car garage in Islington,” said Savills auctioneer Steven Cane.
“It’s certainly unusual to see something of this size, scale and location be offered for sale,” Cane added.
“As such we expect interest to come from investors attracted by the opportunity to create a high yielding investment through to individuals seeking to store their own private car collection in a secure garaging facility in an accessible London location.”
For those looking for a chance to play Parking Space Tycoon, Savills calculated that the car park could make its owner a gross income of £270,000 a year if each space was rennted out at £3,000 a year.The underground space is entered via a ramp that leads to an unassuming garage door opening on to the large car park.
It’s located beneath Caister House on Roman Way, close to Highbury & Islington tube station and an eight minute drive from Arsenal’s Emirates Stadium.
It currently has consent to be used for storage and warehousing.
A guide price of £1.9 million may seem high for a property that you can’t actually live in — Londoners pay hundreds of thousands of pounds just for single parking spaces.
There are individual secure parking spaces in Islington currently on sale for £40,000 a plot.
London’s most expensive individual parking space went up for sale in 2021, when a double garage on Oxford Street was listed with a guide price of £750,000.
With a private parking garage you’d never have to worry about getting fined again. Last year Transport for London and individual councils gave out a record-breaking 4,100,177 tickets and raked in £400 million in penalty fines.
