This house in the Eastbourne district costs the same as a garage in London

�670,00 could buy you a large home in Eastbourne
�670,00 could buy you a large home in Eastbourne

A double garage in an upmarket part of London was sold yesterday (Monday July 25) for a record-breaking £670,000.

The lockup is sandwiched between two large homes near the River Thames in Chelsea, south-west London.

Chris Coleman-Smith, from Savills Auctions, said: “It is like a little oasis in Chelsea. It is a fantastic spot, north of Cheyne Walk and south of the Kings Road.”

The auction house, which described the garage as being in “the best part of Chelsea”, gave it a guide price of £525,000 - two-and-a-half times the price of the average home in England and Wales.

Bidding quickly exceeded the estimate as investors battled it out to get their hands on the 332 sq/ft garage.

The new owner, a London-based phone bidder, managed to outbid a number of people with a final offer of £670,000 for the garage.

In the Eastbourne district £670,000 could buy you a five bedroom property in the Old Town area.

The garage sale is - only slightly - less staggering when you consider that the current owner has secured planning permission to convert it into a one-bedroom home.

One bedroom flats in the Eastbourne district start at around £65,000.

Previously, a garage in Stoke Newington, London, sold for £309,000 against a guide price of £160,000.

For that price in the Eastbourne district you could buy a three bedroom detached house.

On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.

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