Frustrated driver spends £35,000 on JUST a balcony in Kensington so he can have a parking space on the street below

A balcony in South Kensington has been bought by a driver who only wanted it for the parking permit as the cost of London parking spaces soars.

The 128 sq ft railed off 'garden' located near Gloucester Road tube station doesn't come with any internal area and is simply accessed via a private lift.

Rather than adjoining an apartment, the terrace is registered as a separate property with its own title and 110-year lease.

It was listed for £50,000 with Next Home Ltd in July, but the new owner bought it for £35,000 and will contribute £1,300 for the annual service charge.

The agent spent hours shifting through the 400 inquiries, with some interested parties wanting the balcony for an arts space or to host dance classes.

Some even asked if they could pitch a tent on the cramped outdoor space. 

Since the sale, the agent said others have been in contact to ask about selling off parts of their own properties to earn 'a quick 50 grand' but warned it's not so simple.

The agent said he didn't expect the balcony to be bought for this purpose but he did hear 'all sorts of weird and wonderful ideas' from interested buyers who saw the listing.

Speaking to The Telegraph, he said: 'It wasn't something we'd thought of initially. I thought of every other thing. I got told of tents and canopies and all sorts of weird and wonderful ideas, but this one makes perfect sense.'

He said that one interested buyer from China offered £50,000 to buy the balcony for an arts space but after two weeks of silence, it was put back on the market.

 He added: 'It sparked a lot of people's imagination, ie 'I can get a quick 50 grand from separating my garden up.' It's not as straightforward as that.

'I think it's a sign of the times: the poor are getting poorer, and the rich are getting richer.

'I think people that are struggling are more likely to view it negatively – people in Chelsea putting up balconies for 50 grand.

'It's caught people's attention on that basis – people can't afford rents, and now they can't afford terraces. It's tough at the moment. I think this struck a chord.'

It comes as the cost of buying parking spaces in the capital have risen substantially, ranging from £80,000 to £250,000.

A description of the balcony on RightMove read: 'Third floor terrace with a lift entrance in prime South Kensington location.

'Ideal for property or business portfolio expansion. Only a 20-minute walk to Harrods.

'Excellent transport links with Gloucester Road and South Kensington stations within minutes. Convenient access to shops and cafes just a minute away.'

It added: 'Next Home Ltd presents a unique opportunity to acquire this exquisite terrace with its own private entrance via a lift, located in one of South Kensington's most coveted addresses.

'This exciting property is ideal for individuals looking to expand their property or business portfolio.

'Additionally, its convenient location makes it suitable for someone seeking a prestigious central London address, perfect for both business opportunities and recreational purposes.

'Central London green living with a beautiful garden square just across the road. Only a 20-minute walk to the world-renowned Harrods.

'The lease has an impressive 110 years remaining.

'Please note that the images provided are for illustrative purposes only. We encourage potential clients to conduct their own inquiries and due diligence.

'This is an exceptional opportunity not to be missed!'

Agent Glenn Jacobs at Next Home Ltd said: 'It's a standalone terrace area - you come up some stairs, there's a door to access it and there's literally just a terrace there.

'I've had people approach me about whether the lease would enable them to live in a tent on the terrace.'

The average property on Stanhope Gardens costs £1,388,750, according to Rightmove. Most are flats.