Parking spaces in Brighton and Hove come at a premium - but for one investor a personal plot of tarmac will cost a whopping £27,500.

And although others would travel the world, build a home, or even buy a car, the princely sum will simply guarantee its new owner a designated bay.

But despite the hefty price tag estate agents believe it would be money well spent.

Described as “a rare opportunity to acquire a parking space in the heart of Kemptown” the single parking space on Lower Rock Gardens, comes complete with a collapsing bollard and security patrol.

The Property Shop, who are administering the sale, say it can be rented out to the nearby hotels for £150 a month.

Estate agent Phil Hayllor said: “If I had a Bentley I’d want to parking space near to where I’m staying.

“Visitors are paying hundreds of pounds a night for a hotel room and have nowhere to leave their car.

“It gives an £1,800 annual income which is very healthy.

“You could spend £180,000 on a flat and only be getting £600 a month back so from a financial sense it is well worth it.”

For those renting the space annually the cost is £5 a day - half the price of 24-hours parking in the nearest public car park on High Street.

Local businesses admit that investing in the £27,500 parking space could be a shrewd move.

Roger Palmer, owner of Georjan (Georjan) Guest House, on Upper Rock Gardens, said: “The parking charges around here cost us a lot of business.

“When I tell people there’s no parking round here they go to other guest houses where they can leave their vehicles.”

He added: “I don’t think i’ll be making an offer. I barely make that amount in a year.

The owner of another guesthouse, Home, on Lower Rock Gardens said: “Parking is a premium round here.

“We have got two parking spaces which we rent out to customers and have resident permits ourselves.

“It seems a huge amount but maybe one of the other guest houses along the street will be interested.”

For others the price tag brings back memories of what things used to cost.

Argus photographer Simon Dack, 50, of Queens Park, said: “I bought my first house in Brighton for £24,000 in 1982.

“It was a two up two down terraced property in Bakers Bottom.

“I suppose it’s just a sign of the times.”