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Potts Point car parking space sells at auction for AU$264,000

June 15, 2015

A single car parking space in Sydney’s inner-city suburb of Potts Point has been sold at auction for an astronomical $264,000.

Potts Point-The Chimes

Following a tense bidding war between six potential buyers, the winner stretched as far as a quarter of a million for the prized car park.

The car park, on level one of The Chimes building on Macleay Street (pictured), measures just 26 square-metres and can accommodate a single vehicle. The real estate agent who listed the car space, Greg McKinley, described the sale as “extraordinary”.

“There was a strong demand for a particular location… The local area has a distinct lack of parking with many of the art deco apartment buildings built when having a spot for a car wasn’t a selling point.”

Only days ago another car space in Sydney’s harbour-side Kirribilli neighborhood was auctioned off for a modest $120,000. Car spaces in Bondi Beach have too fetched $200,000-plus.

Alexi is a contributing news journalist and junior road tester at PerformanceDrive. He has a passion and appreciation for the engineering in cars, as well as new technologies that lessen the impact on the environment. His dream cars are an M3 to drive to work, and a LaFerrari for the weekend.