Ever wondered what the value of your garage might be?
We find there is a huge demand for garages in southwest London, particularly for storage for local companies and/or more increasingly car storage. In particular, if garages have electricity this is now a huge bonus with the growing electric car market, writes Zah Azeem, Partner at Wimbledon based v.
The ‘problem’ with garages is that often they are linked to leasehold flats and cannot be sold off separately. However, in many circumstances they can, and these garages which are normally located in blocks or rows of garages behind flats are becoming more and more desirable.
To give you an idea regarding valuations the average rent for a single garage in central Wimbledon is between £150 per month to £300 per month, and sometimes more depending on size and specific location. We have been aware of some garages fetching as much as £500 per calendar month in Wimbledon Village.
Many of these garage blocks were built in the 1960s and 1970s when many purpose built flats were constructed. Since then very few new blocks of garages have been constructed as developments in the 1980s, 1990s and 2000s did not include them and instead provided either off street parking for the residents or built more flats on the site instead of having garages.
On values, many single garages trade between £30,000 to £50,000, depending on size and condition, and again if the garage is in the right road in the right location in southwest London, they can easily fetch upwards of £100,000.
If you’re interested in a valuation for renting or letting out your garage let us know. The market is buoyant. In the meantime, if you’re interested, this garage is currently available: lewisandco – Rear of Ryecroft, Hamilton Road, Wimbledon, SW19 1JE (lewisco.co.uk)
If you would like to discuss something related to a property valuation, please contact me direct via email at zah@scrivenertibbatts.co.uk or call 020 8947 7040.
