A 14sqm garage in Victoria Road in Cape Town’s Whitecliffs has come on to the market at an asking price of R2m!
“The complex has one level of remote accessible parking below. The flats are each allocated one or two parking bays but often the owners of these flats do not occupy their units and therefore do not use their bays. Thus, they choose to sell them rather than leave them standing empty,” says Greeff Properties’ Camps Bay director, Marion Taylor.
High prices are the result of a massive shortage of parking in the area. “With the scarcity of garage and parking space being a real concern amongst both existing Clifton residents and investors new to the area, the past few years have seen remarkably high, yet realistic, market related prices being asked for – and achieved – by sellers of parking bays and garages in the area,” Taylor explained.
She stated that, according to available sales figures, an average of R30,150/sqm was recorded during 2006, while 2008 saw a substantial increase on these figures with an average of R100,450/sqm.
“For the entire period of 2006 to 2010, the average price achieved from seven sales was R53,900/sqm.”
Taylor sold two garages totalling 49sqm in Victoria Road during 2008/2009, each for R2m. This brings her average price achieved to R81,600/sqm.
She explains that one of these successful sales was a standalone garage while the other was a bay in a remote access garage of open bays at a complex. “Standalone, walled garages as well as bays within a remote accessed garage area are classified as garages.”
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