Middle Eastern Royal Pays £21M for British Underground Car Park

A Luxury CarAn underground car park in Knightsbridge, London, has become the private garage for 80 supercars of a wealthy buyer from the Middle East.

The Middle Eastern royal paid a record amount of £21 million for the Kingston House North Car Park below high-end apartments across Hyde Park. The purchase price translated into as much as £150,000 for each parking area in the 130-space property, making it the most expensive transaction for a parking lot in the U.K.

For £150,000, you can already buy a brand-new McLaren 570S or Porsche 911 Turbo S.

Confirmed Deal

Milton Stone and Nicolas Van Patrick confirmed the sale through an off-market agreement. The real estate agencies silently marketed the parking lot for two years before sealing a deal in January. The purchase also marked an unprecedented acquisition due to the number of car parking units, according to Milton Stone Director Sacha Moussaieff.

The sale also comes at the right time ahead of the supercar season in August. In the meantime, the underground car park has been renovated with extra wide bays, cushioned pillars, a car grooming service and 24-hour security.

It may sound excessive, but even ordinary people can experience a muscle car drive on a race track whether it’s an Audi or a Porsche through Race Active Limited.

Valuable Collection

Waterbridge Estates, the car park’s operator, said that the buyer’s collection of luxury vehicles cost more than the price of acquiring the property. Milton Stone and Nicolas Van Patrick also declined to disclose the identity of the royal.

However, Moussaieff noted that the purchase represented a good investment since parking has become more difficult in London, as more hotels are reconstructed into residential properties.

You don’t need to be rich to experience driving a supercar, as there are many companies offering the chance to drive sports vehicles on a rental basis.