A Middle Eastern royal has paid £21 million ($26.5 million) for his own car park a stone’s throw from luxury department store Harrods in central London.
The extraordinary purchase – the most any person has ever paid for a private garage in Britain – is the latest in a string of big private property deals in the UK involving Gulf state billionaires.
The former public car park was upgraded substantially before the sale and includes extra-wide parking bays to prevent unfortunate scrapes, licence-plate recognition technology upon entry, and extensive CCTV.
A spokesman for the firm Waterbridge, which previously managed the car park, said that in view of the fact that individual car parking spaces can sell for as much as £450,000 ($565,000) in London, the new buyer has probably secured a bargain. “The value of his collection is significantly higher than the price he has paid for the parking,” he said.
The spokesman also reflected on the increasingly over-priced British property market, saying: “A car park in central London is being sold for more than entire streets and villages outside the capital’s centre, and yet even upper-middle class generations are finding it impossible to rent in London, let alone purchase in their lifetime.”