St Ives parking spaces sell for £160,000
Three car parking spaces in St Ives have been sold at auction for a combined total in excess of £160,000.
The spaces were three of five parking bays on Barnoon Terrace near the Tate St Ives gallery to go under the hammer this afternoon.
The first was sold for £55,000, while the other two fetched £56,000 and £50,000 respectively. Two remaining parking bays attracted bids of £50,000 each, though this was not enough to match their reserves.
Their individual sales are expected to be agreed privately within the next 24 hours.
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Chris Baxter, director of Bradleys estate agents, said: "(The auction) tells me that despite the recession and credit crunch, if you look at the last 30 years, property prices pretty much without fail have gone up in price.
"Clearly in St Ives, it's a diminishing asset with a higher demand so in effect you're looking at a price that's going up yearly.
"We are talking about an area where property is happily fetching £500,000 - £700,000 – if not more.
"If you haven't got a car parking space, £50,000 is a small price to pay for that extra amenity."
Each open-air parking space was sold with the condition that it must be used solely as a car park, with no scope for building, the auction was told.