R1.25 million will buy you a parking bay in this Cape Town suburb


R1.25 million will buy you a parking bay in this Cape Town suburb

We all know property in Cape Town, especially in the CBD and surrounds is incredibly expensive – we recently shared a story on the Mother City’s new modern micro-apartments that are selling for a whopping 1.5 million for just 20sq.m – but recently something even smaller has hit the market for the very same price – a parking bay.

The private bay is situated on the roof of San Michele apartment building in Cape Town’s upmarket Clifton suburb and is currently up for sale for R1.25 million. It’s apparently no ordinary bay, the open-air parking bay offers a panoramic ocean view, private security and easy access to one of Cape Town’s most popular beaches, Clifton 1st.

Related | Take a look inside Cape Town’s new R1 million micro-apartments

Secure, guaranteed parking is scarce in Cape Town and highly sought after, but for 1,25 million bucks? Even if you paid R1000 for a bay each month for ten years you’d still be paying far less than a mill.

According to Business Insider, it’s not even a record price for a private parking bay. Back in 2017, a spot in the same area sold for 1.65 million while other bays have been sold for R1 million, and R1.1 million in Clifton and Bakoven.

We’ve seen garages for more. But I think the bay is correctly priced for what you are getting. You must compare that some of the houses (in the neighbourhood that) sell upwards of R30 million. So for R1.2 million, it comes in at a bargain.” – Adrien Epstein, luxury property consultant at Dogon Group.

 


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