A single parking space on Victoria Street, central Cambridge, was sold for £122,000 via a timed online auction, hosted by Cheffins, on Friday 17th March. The parking space had a pre-sale estimate of £20,000.
Located close to Christ’s Pieces, the parking space measured 172 sqft, representing a total value of £709 per sqft. The online timed auction was advertised for a month, with the five day bidding window seeing 15 bidders take part, and seven of those actively bidding in the final days.
Ian Kitson, Director, Cheffins comments: “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.”
The parking space was sold via Cheffins, for more information contact the Property Auction department on 01223 213777, property.auction@cheffins.co.uk