'World's most expensive parking space' sells for $1.7 million

·2-min read

A parking space has sold for $1.7 million in what is believed to be the most expensive sale ever of its kind. 

The space in the luxurious Mount Nicholson residential project in Hong Kong was sold for the eye-watering amount by Wharf Holdings and Nan Fung Group, The Australian Financial Review reports.

William Lau, a sales director at Centaline Property Agency in Hong Kong, told South China Morning Post, “it is definitely the most expensive car parking spot in Hong Kong”.

This picture taken on November 27, 2019 shows the Hong Kong skyline as seen from a lookout point on the city's Peak district.
A view of Hong Kong's skyline seen from The Peak. Source: Getty Images (file pic)

Mr Lau added the price tag for the parking spot pales in comparison to how much residents at Mount Nicholson had paid for their properties.

A single buyer purchased two apartments in 2017 in the building for a combined $192 million.

"What concerns them most is that they need space to park their cars and not the money. They have bought it for their own use and not as an investment," he said.

Hong Kong is regularly referred to as the most expensive square metre in the world.

Mount Nicholson is located in an area known locally as The Peak – an exclusive hill on the western side of Hong Kong island.

It’s renowned as a tourist attraction but also home to some of the world’s most expensive properties.

The Mount Nicholson parking space is believed to be the most expensive ever purchased anywhere in the world.

Previously, another Hong Kong parking space in a building called The Center, which featured in the Batman film The Dark Knight, was sold for more than $1.2 million, South China Morning Post reported.

Two other spaces in the building sold for a combined $2 million.

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