A Parade of Four Vacant Single Storey Lock-Up Garages in south-east London has been sold at auction for almost £140,000.

The properties form a terrace of four garages close to the local shops and amenities of Wells Park Road. The open spaces of Sydenham Wells Park are within easy reach. Transport links are provided by Sydenham rail station (National Rail & Overground Lines).

Bidding on the garages at Mylis Close, Sydenham started at £40,000 before the hammer came down at almost three times the guide price, selling for £136,500. The buyer will hope to win planning permission to convert the freehold site into a bungalow and make a substantial profit.

Jamie Royston, director of Auction House London – which conducted the sale at the Landmark London Hotel – said: “There is currently a big appetite for property with potential. Even if there is no planning for a site, buyers are now willing to take risk in order to try to achieve that goal.”