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This parking spot costs more than Jacob Zuma's salary

2016-03-17 14:55

HIGH COST OF PARKING: An online parking-spot market place has listed some of the most expensive parking bays in the United Kingdom. Image: Newspress

London, England - A parking spot in London is on sale for the equivalent of R7.7-million, that's one and a half times more than the average cost of a house in the UK.

YourParkingSpace.co.uk, the UK’s leading online car-parking market place, has revealed some of the countries most expensive parking spaces for sale.

Topping the list, unsurprisingly, is London, where a space has recently been put on the market for an eye-watering £350 000. The private parking space has room for just one car, and is located behind the prestigious Hyde Park Gardens, one of the premier addresses in Westminster.

Even Jacob Zuma would struggle to pay it off

The cost of the parking space is more than one and a half times higher than the average house price in the UK.

For perspective in South Africa - the National Assembly has approved President Jacob Zuma's salary increase to R2.87-million a year from April 2016. Even Zuma might have trouble paying for this prime parking spot.

According to the agent details the space is ideally located for the transport links of the M1 and London Underground stations, as well as the new Crossrail service. It measures approximately 5.9m x 2.4m and is held on a private lease with approximately 88 years remaining.

UP FOR SALE: A single parking bay in the area of Westminster, London is on sale for the equivalent of R7.7-million. Image: Newspress

Harrison Woods, managing director of YourParkingSpace.co.uk. said: "The cost of this parking space is eye-watering. You would have to rent out the most expensive parking space in Westminster listed on YourParkingSpace.co.uk for more than 50 years and it would still be cheaper than purchasing this space!"

Expensive parking sports on offer: Parking space location and price

Hyde Park Gardens, London, W2 - £350,000
New Town conservation area, Edinburgh, EH4 - Offers more than £85 000
Manchester Airport, Manchester, M90 - £35 000

Expensive parking spots in Hong Kong and Manhattan

It’s not just UK parking spaces that are being sold for sky high prices. A parking space in central Manhattan was recently sold for $1-million and a space in Hong Kong was listed a few years ago for $640 000 (R9-million).

Woods said: "As the cost of homes has increased in the UK so has the cost of parking but for those looking for regular, secure and convenient parking in cities across the UK, then renting spaces with YourParkingSpace really does provide the best and most affordable option.”

Read more on:    jacob zuma  |  england  |  london  |  parking

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