A pair of old garages has gone on sale in north London for GBP1.1 million

A pair of garages in a high-end street in north London have been put up for sale for GBP1.1million. This is four times the average UK house prices. The garages are brick and have red-painted doors. The plot also contains a small shed. Haringey Council approved the proposed three-storey house last year. Buyers will need to build the home after purchasing the plot. The average build cost in London is GBP850,000 for a 5,200 sq ft home. However, the planned basement excavation could increase this. Rightmove reports that the average house price in the area for a five-bedroom property with five bedrooms is GBP2,000,000. Benham and Reeves estate agents described the garages as an “extremely rare opportunity” to purchase development land with permission for a “substantial detached family home of five bedrooms.” Marc von Grundherr (Director, Benham and Reeves) said that Highgate has always been in high demand, especially for those who want large, family homes, while still being within easy reach of central London. However, this sustained interest does not mean that suitable stock will be available. This development opportunity gives you the chance to secure an exceptional property in a highly sought-after area, built to your specifications and tastes. “READ MOREDerelict garage for sale in Stoke Newington for GBP360k… more expensive than a flat on the same street.Gasket in’sought after’ Kensington for GBP300,000. Rarely available garage for Chelsea for sale for GBP180,000. A number of garages for sale in London in recent years have been sold at high prices, highlighting the sky-high price of development land in the capital. A Hackney derelict garage was put up for sale in 2016 as a development opportunity. It cost GBP360,000. This was more than a one-bed flat on the street. Local housing campaigners have described the ‘appalling extent” of London’s housing crisis. A two-car garage in Hackney was listed at GBP360,000, which was more than a one-bed flat on the street. It was marketed as a parking space and was priced at GBP300,000.