Single car parking space in Cambridge sold at auction by Cheffins for £122,000
A single parking space in central Cambridge was sold for £122,000 by Cheffins in a timed online auction - more than six times its pre-sale estimate of £20,000.
The space on Victoria Street, near Christ’s Pieces, measures just 172 sq ft, which works out at £709 per sq ft.
The online timed auction on Friday, March 17 was advertised for a month.
Fifteen potential buyers took part in the five-day bidding window, and seven of those were actively bidding in the final days. The space was sold after 108 bids.
Ian Kitson, director at Cheffins, said: “This could possibly be one of the most expensive pieces of land sold in central Cambridge for decades, with the value per square foot equivalent to that paid for a good house in the city.
“Cambridge parking is renowned to be few and far between, and with the cost of parking in the centre of town at extortionate prices, we did expect it to be of interest to a few people who live and work in the area, however with buyers joining the auction from both Cambridge and out of town, this level of interest was completely unprecedented.
“The sale shows that demand for any space in central Cambridge is at unrivalled levels, and we now are looking for any similar properties to be able to offer to the market, with the auction process proving the perfect way to find the best price for these rare commodities.”