London: A tiny 15-square-feet shabby garage at a stone's throw from Britain's Buckingham Palace is up for sale for a whopping 100,000 pounds, the price of 12 houses in Durham County.
"It can only really be used as a garage or storage space. There's enough room to fit in one sports car but that's about it." said Hugo Headlam, from John D Wood and Co, the real estate agents selling the property.
The tiny building in London's upmarket Belgravia which has a 44-year lease is just 13,000 pounds shy of the average house price in Hartlepool, The Sun reported.
It is 12 times the price of the UK's cheapest properties in the village of Ferryhill, where an end-of-terrace home was sold for 8,250 pounds in March.
The garage ? off Little Chester Street in South West London ? is near the homes of Margaret Thatcher, Joan Collins and Elle Macpherson.
"Belgravia is one of the most expensive areas in the world," Hugo added
"The garage is near Belgrave Square, which is a very different market to the rest of the country. Its location alone makes it a valuable asset. And when compared to similar sales around the area, USD 100,000 is fairly standard," Hugo said.
PTI
First Published: Saturday, July 14, 2012, 18:08