The parking bays that cost more than a house: Trio of Cornish spaces sell for 160,000The spaces in St Ives sold for 55,000, 56,000 and 50,000 at auctionTwo more parking spots received bids of 50k but did not sell as their reserve was not metThe tiny spaces are 30 seconds walking distance from the centre of the popular beach fronted town
21:16 GMT, 28 November 2012
Three car parking spaces in the exclusive Cornish resort of St Ives have been sold at auction for a staggering combined total of 161,000.
The two remaining parking bays in the same lot, all measuring just 20ft (6.1m) by 8ft (2.4m), attracted offers of 50,000 each – but failed to sell as the bids did not meet the reserve prices set by the owners.
The three that did sell went for 55,000, 56,000 and 50,000. The princely sum paid for each is more than double the average 22,000 a year wage in the county.
Pricey: Three of the spaces sold individually for 55,000, 56,000 and 50,000. The remaining pair attracted bids of 50,000 each but failed to make the reserve price and will now be sold by private negotiation
For the two lots which didn't reach their reserves individual sales are expected to be agreed privately within the next 24 hours.
The open-air parking spaces on Barnoon Terrace – overlooking the picturesque Carbis Bay
– were sold with the condition that they must be used solely as a car
park, with no scope for building, the auction was told.
Expensive: Bradleys Estate Agents brochure detailing the five parking spaces for sale in St. Ives
Chris Baxter, director of Bradleys estate agents, said the going price for each of the lots indicated the importance of a parking space in the town, a preferred holiday destination for thousands of people every year.
The spaces are roughly 30 seconds walking distance from the beach and the town centre.
Mr Baxter 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.'
Successful bidders were also made to pay a premium of 5,000 plus VAT.
Mr Baxter added: 'It was slightly unusual, but I think it was quite a successful day.'
But in a time of austerity the move has less than impressed everyone in the area.
Speaking about the lots when they went up for auction, town councillor Andrew Mitchell said: 'It sticks in the throat of local people.
shows the mismatch in St Ives and many other Cornish villages and towns
between the local population on low wages and seasonal jobs and second
'It is ridiculous that many of those that live here can't afford a home. They can't even afford one of these parking spaces.'.
The five parking spaces on Barnoon Terrance, pictured, overlook the sea. Three have been sold at auction for a combined total of 161,000, while private deals are expected on the remaining two
The guide price for each space was set three months after another space was bought for 55,000 in the town.
on Tregenna Hill, it is thought to have been sold to a second home
owner in desperate need for an additional space in town.
And that was not the first space to go up for sale.
Not much for your money: The parking space which went for an astonishing 55,000 a few months ago
Popular: St Ives Town, bay and harbour in Cornwall is a popular holiday resort and always attracts interest from people wanting a second home
Two years ago, another parking space in the town went for a whopping 60,000 and one three years before that sold for a comparatively meagre 24,000.
All of the sales in the seaside resort pale in comparison to what is thought to have been the most costly space – which went on the market for an incredible $1million in New York earlier this year.
Buying that bay would be equivalent to paying a $115 ticket for illegal parking every day for 24 years.