A narrow lane running behind a row of houses in South Kensington has been sold for more than £200,000, despite the new owner not being allowed to build on it.
Wetherby Lane - a narrow 80m path between Rosary Gardens and Hereford Square - was put on the market three months ago by agent Colliers on behalf of its owner, a private family trust.
Although the land is a public walkway and cannot be built on, the top of the lane is wide enough to park a car in, prompting hot competition among would-be buyers.
It ended up being sold for £202,000 - above the average £195,621 price paid for a UK home last month, according to Nationwide’s house price index.
Annabel Haan, Colliers’ head of residential development, said the agent carried out three rounds of bidding for the lane because of the competition.
“It is a bit ridiculous,” Ms Hann said, adding the anonymous buyer has “paid quite a lot of money for what is essentially an extra car parking space”.
She said: “But the value it adds to their properties is more than that. If you can afford to purchase a piece of land directly behind your land that you can control and park your car on, you’re just adding to the value of your property.”
Hereford Square residents also have access rights and the lane is used as an emergency fire exit by the nearby St Philip’s School. But the high price-tag for Wetherby Lane matches the soaring values of adjacent homes, with two-bedroom flats in Rosary Gardens on the market for more than £1.2 million.
The strip of land - just under a third of a mile from Gloucester Road tube station - is being sold for £67 a square foot, on a par with office rents in Kensington. According to Colliers, the seller has another similar path in the area due to hit the market shortly.
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Despite the sale price, Wetherby Lane still falls well short of the country’s most expensive car parking slot, which was put up for sale by Foxtons with a £480,000 price tag earlier this year.
The triple-bay space in Kingston House North’s “exquisite underground parking development” was advertised in March as “boasting an exceptional location... a secure, prestigious and exclusive environment, a fantastic spacious triple bay.”
Kingston House also offered customers 24-hour security, a valet service and extensive state-of-the-art CCTV.
