If someone told you there was a bit of an online property auction bidding war of a small piece of real estate on Downing Street that went for over 1,400% over the guide price, you might not be shocking, but this particular building was not located on one of the UK's most famous streets in London but a small residential road in Newport.
Both Downing Streets might offer a row of terraced houses, but that is where the similarity stops because Newport's version of the address where the UK prime minister lives is flanked by a row of terraces houses either side of the quiet, dead-end road with the last three sales in the last two years ranging from £52,000 to £132,000. To get all the latest homes, renovation, interior and property TV programme news straight to your inbox twice a week sign up here.
But there's one building on the street that went to online auction with Paul Fosh Auctions that saw a bit of a bun fight to buy it, and it wasn't even somewhere you can call home - unless you're a car. The garage at the rear of one house went to auction with a guide price of just £1, stirring up interest and obviously not anywhere near the final selling price, although maybe not many people might have predicted the level of the final bid that secured it.
YOU MIGHT ALSO LIKE: The ultimate party property with huge bar, swimming pool and cinema in the garden
Although the address of this unlikely target of a bidding war is Downing Street, it's door actually opens onto the neighbouring Lloyd Street, and maybe this easy access is the reason why it finally sold for over 14,000% more than the guide price. Sean Roper of Paul Fosh Auctions says, "There was red hot interest in the garage from the very start of the auction. Eventually the lot sold for £14,250 after attracting 60 bids from eight different bidders.
"The garage was listed with a £1 guide price which effectively meant that anyone offering £100 could snap up this garage. Garages always seem to sell well in Newport and this one was no exception. These domestic garages are proving popular for several reasons with secure storage for vehicles being one reason of course.
"There are also many people with hobbies that love their own space away from their home. I have also seen an increase in demand for people wanting a space for general storage use. The fact the garage had a nil reserve and a £1 guide certainly whipped up more interest than it normally would."
Sean also thinks that the increase of the popularity of buying and selling garages is an investment, they are becoming more of a rarity, especially in built up areas, with maybe some buyers seeing it as a long-term investment with potential to rent it out. The rise in the popularity of large storage facilities such as Big Yellow Storage and Safestore, seems to support Sean's view that storage is a prime reason why garages are now in demand, people are holding on to their stuff.
But it's not the only time that a garage in Wales has been on the market for an eyebrow raising price, one in Rhiwbina has recently gone under offer with Online Agent Cardiff for an undisclosed amount but was put on the market for a breath-taking £40,000. Read more about this garage, which also offered a cute plot of land too, here.
This particular building has a very unique selling price that pushed its price up, apart from its rarity in the area, according to agent Nick Tatham who was dealing with the sale. He says, "Initially people might be surprised at the price of the building but it is a totally unique garage because of its specialist size".
"It is unusually high, which means you can fit a VW camper van inside. It is almost purpose built for this popular vehicle, the older style, and it's also long enough for the new, super-sized versions.", and don't miss the best dream homes, renovations and interior design in Wales - join the Amazing Welsh Homes newsletter, and the Amazing Welsh Homes Facebook group.
