Edinburgh garages go on sale for upto £50,000

A single lock-up on Palmerston Place is understood to have attracted five buyers since it went on the market for a whopping �40,000. Picture: Jane Barlow
A single lock-up on Palmerston Place is understood to have attracted five buyers since it went on the market for a whopping �40,000. Picture: Jane Barlow
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Three garages have gone on sale in the Capital with price tags of up to £50,000.

They include a double-garage with electric door in Inverleith Terrace Lane and another with electricity and running water in Portland Row, Leith, both with price tags of £50,000.

And a West End lock-up has gone on the market priced at almost £40,000 – the same price as a two-bed house in Muirhouse.

The single garage on Palmerston Place has attracted a rash of interest with property experts claiming the steep offer-over value reflects the “current strength” of the market.

It is understood at least five potential buyers have viewed the ivy-covered West End garage fronted with cobble stones since it came on the market one week ago.

House prices in Scotland grew at their fastest rate in six years in the first quarter of this year – soaring by 7.6 per cent.

Edinburgh property prices have grown by just over a quarter since 2003, while in Glasgow they ­increased by 25 per cent.

Deirdre Coogan, a sales manager for estate agent DJ Alexander, said the long-awaited arrival of a tram line through the city centre may be fuelling particular interest in the West End garage.

And she said the property market was buoyant again with “definitely more in interest” than in recent years.

“I would think the tram is a big element for the attraction of the Palmerston Place garage,” she said.

“If someone is looking for an investment or wants to be able to park close to the network and get quickly to the airport, this is ideal.

“It’s just come on the market and there’s been a good level of interest.

“It’s attracting people who are looking for a good investment in a good location or those who are considering using it for themselves.

“This is a barometer of the market for people looking for an investment alternative.

“If you can get a garage in a good location it’s a pretty good bet because there’s always shortage of parking in Edinburgh.

“Having your own garage beats paying for parking all day.”

Property expert Ken Houston said the Palmerston Place garage could return a rent of five per cent profit each year – a better deal than could currently be achieved at any bank or building society.

He said: “A single lock up garage for 40 grand? It doesn’t seem all that long ago that this sum would have purchased a fairly decent one-bedroom flat in parts of the city centre or popular, off-centre areas like Bruntsfield or Stockbridge.

“This is Palmerston Place Lane, part of the West End in which there has always been a market for garages both from homeowners and businesses.

“However, the price-tag also reflects the current strength of the middle-plus housing market, of which Palmerston Place residences might be said to be a part.

“It is this sector that seems to be doing best, right now – better than properties in the lower, lower-middle and top ranges of the market.

The vendor has the confidence to offer the garage as a single lot – or with a garden flat he is selling on Palmerston Place itself.”

This boom is nothing new

CAPITAL garages have long been desirable purchases for investors – though few have fetched top dollar since the property crash six years ago.

One of the most expensive lock-ups recorded in Edinburgh sold for £125,000 in September 2008. The double-door garage in William Street Lane North East, boasting electricity and a water supply, was later transformed into a 35 square-metre office.

In the same street one year earlier, a 31 square-metre garage fetched £90,000 on the market – the same price as a two-bedroom flat in Rosyth or a three-bedroom, semi-detached house in Camelon, near Falkirk.

HERE’S WHAT ELSE YOU COULD BUY..

A flat: You could have a 25 per cent share of a two bedroom flat in Firrhill Park, Colinton, pictured, for offers over £33,000.

A car: A brand new BMW X4 with a six-speed manual gearbox and all-wheel drive as standard. It will go on sale in July at £36,590.

A speedboat: For £40,000 exactly you could have a Bavaria 32 DC speed boat with twin petrol engines.

Parking permits: The tidy sum would also buy you a City of Edinburgh parking permit (for zones 1-4) for 98 years even if your car falls into the most expensive category.

Footballers: Or if you fancy starting your own football team you could choose from Hearts’ centre back, Liam Gordon, who comes in just shy of £40,000 or ex-Hibs’ keeper Paul Grant, worth an estimated £48,000.