The $120,000 car park. Source: Supplied

Measuring 2.6m by 5m, the car space at S7/29 Carabella St was listed with price expectations of over $50,000.

The sale equates to approximately $9231 per square metre.

The unusual offering attracted significant interest from potential buyers, with 22 contracts issued throughout the campaign and 15 registered bidders on the day.

STUART WAGSTAFF’S NORTH SHORE HOME FOR SALE

It was eventually secured by a savvy investor who is based in the Northern Territory but owns an apartment in the building that does not have parking.

The purchase will increase both the value and rental return of his property.

The open-air car space is located at the end of the driveway, behind this Carabella St apartment complex. Source: Supplied

McGrath Neutral Bay principal and selling agent Nigel Mukhi, who specialises in the Kirribilli property market, said that this was the first offering of its kind that had encountered in the area during his 13 year career.

WOULD YOU PAY $3.5M FOR THIS?

A two-bedroom unit in the same complex that includes on title the car space directly next to this one also sold on the same day through Mr Mukhi for $1.283 million.

“Just before the auction on the car space we auctioned apartment 64 in the same building which sold for $1,283 million which had a car park attached,” Mr Mukhi said.

Kirribilli is renowned for its spectacular harbour vistas. Source: Supplied

“We sold apartment 54 just below in March for $1,080,000 which had no parking.”

“Based on the price difference between those sales, the purchase of the car space for $120,000 has added around $200,000 to the value of his apartment.”

According to CoreLogic RP Data, the median sale price for units in the suburb is $767,000.

Like the Mosman Daily on Facebook