Would you pay £350,000 for a year’s parking? Someone is…

We all know that London house prices are crazy, but what about parking? It should come as no surprise that the UK’s most expensive parking space is also located in London.

A parking space has recently been put on the market for £350,000. Sized to fit just one car, it is located behind Hyde Park Gardens, a rather posh address in Westminster. This is an area where most properties seem to have multi-million pound price tags, so I suppose another £350k maybe isn’t too much to ask for a parking space. But seriously.

Hyde Park Gardens space
The £350,000 space behind Hyde Park Gardens, in Westminster, London.

According to the agent details the space is ideally located for the M1 and nearby Underground stations, as well as the new Crossrail service. This open air space measures approximately 19.5ft x 8ft and is held on a private lease with approximately 88 years remaining.

London isn’t the only part of the UK where parking costs are extreme, however. Consider these costs for premium parking spaces in other areas of the country:

Parking space location Price
Hyde Park Gardens, London, W2 £350,000
New Town conservation area, Edinburgh, EH4 Offers over £85,000
Manchester Airport, Manchester, M90 £35,000

So what’s the solution?

The company that put together these figures is YourParkingSpace.co.uk. As its name suggests, it offers access to unused parking spaces on driveways, other private off-street spaces, lock-up garages and commercial car park operators.

Costs can be much lower than buying your own space, not least because there are far more unused but owned parking spaces than there are parking spaces for sale.

YourParkingSpace reckons that monthly spaces close to Manchester airport cost around £100 per month. The firm says that similar parking spaces currently available for sale costs £35,000 each. Spaces are available throughout the UK, so if you have a burning need for regular or long-term parking in major towns, cities or airports, then this service might be worth a look.

(Disclosure: I have no connection with this firm and was not paid for this post)

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.