Woodley garage sold at auction
A GARAGe in Larch Drive, Woodley, has sold for more than its guide price of £9.000.
The single, lock-up garage in a residential area was marketed as having rental investment potential, as well as being ideal for storage.
The exact hammer price has not been disclosed for the lot that went under the hammer at the end of November last year.
Daniel Gale, head of auctions at
First for Auctions – part of the Romans estate agency group – told Wokingham Today: “We’ve noticed a growing interest in ex-local authority garages.
“These garages, often constructed in the 1960s, are typically sold separately from the houses they were originally associated with.
“The lot in question is a prime example. It sold for a sum exceeding its guide price, which is becoming increasingly common in this market.
“The typical guide price for these garages is around £10,000, but depending on the location, especially in areas within and around the Thames Valley, they can fetch up to £25,000.
“This price range of £15,000 to £25,000 reflects both the demand and the strategic value of these locations.”
He added that the primary appeal of these garages is in their utility for storage.
“They are particularly sought after by small traders and builders.
“In the case of the auctioned garage, it was used to store a car, a common use for these spaces.
“These garages appear regularly on the market, often featuring in our monthly auctions and historically have sold quickly.
“From an investment perspective, these garages have shown stable value over time.
“Purchasers from five or six years ago are now able to resell at the same
price or slightly higher.
“Additionally, they can generate a steady rental income, ranging between £60 and £100 per month.
Since 2015, there’s been a noticeable increase in the value of these garages. The price was around £10,000 to £15,000, we’re now seeing figures exceeding £20,000.
“This trend underscores the growing popularity and the potential financial benefits of investing in such lots.”