This house in Milton Keynes costs the same as a garage in London

You could buy this modern four-bedroom home in MK and have �20k to spare for the same price as the double garage in London
You could buy this modern four-bedroom home in MK and have �20k to spare for the same price as the double garage in London

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

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

The record-breaking double garage in London which fetched �670,000

The record-breaking double garage in London which fetched �670,000

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.

The garage is being turned into a one-bedroom home, the equivalent of which would cost as little as �42,000 in MK

The garage is being turned into a one-bedroom home, the equivalent of which would cost as little as �42,000 in MK

In Milton Keynes £670,000 will buy you this lovely modern four bedroom home on Chase Avenue in Walton Park with £20,000 to spare. The house, on the market with Michael Graham Estate Agents, boasts more than 2,500 sq ft of accommodation.

The Californian style property has accommodation which includes an entrance hall, a sitting/dining room, a family room, a kitchen/breakfast room, a conservatory and a study/fourth bedroom. There is a master bedroom with en suite bathroom, two further bedrooms and a family bathroom. There is also an enclosed rear garden and - crucially - a double garage.

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 MK start at around £42,000 - the price of a property at Wetherburn Court.

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