Cape Town - A property listing advertising a single-bay residential garage in Bantry Bay for R2.2 million has revealed the exorbitant prices paid for parking in Cape Town.
The advertising of the 18m² lock-up space off Victoria Road, that additionally carried a R473 monthly levy, quadrupled the normal price for garages along the Atlantic Seaboard, which range from R250 000 to half a million rand.
The listing of the garage, which can fit a small car, was subsequently withdrawn after the space had been on the market last February as well. It is unclear whether it was on sale for more than a year.
On Monday, listing agency Pam Golding said the property “has been withdrawn.”
The advert, which was removed, read: “GARAGE FOR SALE in sought-after Bantry Bay. Lock up secure GARAGE in a gated complex in Victoria Road. Plenty of storage space, secure and sought-after. Ideal for apartments or homes in Bantry Bay and Clifton.”
In another advert, by DG Properties, it said the garage near the border of Clifton was a rare opportunity to purchase.
“The high ceiling allowed the construction of a mezzanine storey which has created an additional storeroom level above the parking space. Suitable for small to medium cars due to tight vehicular access. Situated in a secure, gated enclosure directly off Victoria Road.
“A valuable ancillary asset to the homes and apartments along Victoria Road, Bantry Bay, which would benefit significantly from owning a lock-up garage plus storage facility.
“Being a 5-minute walk from Clifton, this rare offering would also serve as an ideal accessory to the many homes and bungalows in Clifton which have no parking.”
It is not the first time the garage has been in the news. Last February it was on sale for the same amount.
For motorists in the CBD, parking costs R6 for 30 minutes, while some monthly rentals for a garage in Buitenkant Street are R1 300. In Green Point, it costs around R5000 a month.
Double.D Property consultant, Jacques Weber, said apartments along the Clifton/Bantry Bay stretch had limited or no parking.
“Consequently, the demand for off-street parking is exceptionally high and increases as you move closer to Clifton. A few years ago, a parking bay in Clifton sold for R1.5m, highlighting how parking spaces or garages, especially in areas like Clifton, can reach such high prices.
“Parking bays in new developments in Sea Point are sold for about R250 000 to R500 000, but as you move into Clifton, these prices increase significantly.”
In June 2020, a parking bay off Victoria Road, Clifton, went on sale for R1.1m, amounting to about R78500 per square metre.
The parking bay, located at San Michele was about 14m² and included levies of R500 a month.
According to reports, the bay carries bond costs of R8 694 over 20 years.
It was not the only bay that went on sale in the area.
The City of Cape said it had no intention of providing more on-street parking bays in Bantry Bay or Clifton.
City spokesperson Luthando Tyhalibongo said the City would charge landowners rates and taxes for their properties/land and for services provision.
“A garage is immovable property, as such, rates will be charged accordingly.”
The garage price tag has shocked some social media users.
On Thursday, @iamkoshiek took the advert to X and informed his followers of the sale.
Another user, @Henryonstocks replied: “Worth every damn penny. Tried looking for parking in Bantry in season!??”