<text>  With its exceptional location and prestigious, exclusive environment, you might be forgiven for thinking this advert referred to a sought-after luxury flat. But the estate agents blurb is actually for Britains most expensive car parking space - which has just put been on the market for nearly 500,000. The fantastic underground parking space is located in Kingston House in Kensington, one of the most affluent areas of London. Britains most expensive car parking space, in Kensington, London, has been put on the market for 480,000 . The fantastic underground parking space, which is a triple bay, is located in Kingston House pictured A residents parking permit in Kensington and Chelsea, where the car parking space is located, typically costs up to 207 per year depending on the cars carbon dioxide emissions . Described as spacious, the triple parking bay comes with 24-hour security, a valet service and extensive state-of-the-art CCTV. There is also a complex ventilation system which ensures the regular flow of clean and extraction of carbon monoxide emissions. The parking space has been put on the market with Foxtons for 480,000. With stamp duty, the buyer will end up paying a total of 494,000 - three times the price of the average home in England and Wales and the same price as a pretty cottage in the Cotswolds. With the same money, you could also buy three plush Ferrari 458s, 50 new Ford Fiestas or a lavish superyacht. On top of this, the purchaser will also have to pay an additional 1,500 per year service charge. The bay is one of two triple spaces currently for sale in the underground car park. The other one costs 390,000. There is also a single space for 132,000. Paul Wallace, who runs the YouTube channel Supercars of London, believes it is unfortunately a price to pay for keeping your cars safe. The same amount could buy you this quaint country cottage in Costwolds village Bourton-on-the-Hill . It could also buy you this lavish 16th century castle, which has six bedrooms, in By Chryston, Glasgow . He said: You might think the super wealthy residents of Central London would have unlimited secure parking spaces, but it is becoming more apparent that this is not the case. There are lots of 200,000 supercars left on the side of the roads overnight, which exposes the cars to having wing mirrors clipped, rain and pollution on paintwork and even worse. 480,000 is an very excessive cost to keep your car safe at night, but its relatively essential with potential vandals. The Kingston House car park, on Princes Gate, can house a maximum of 144 cars. As part of a multi-million pound renovation, engineers installed a state of the art ventilation and fume extraction system which is designed to ensure the regular flow of clean air throughout the car park and the extraction of harmful carbon monoxide emissions. The 480,000 - which would also have stamp duty added on - could also buy you this luxury yacht . A prospective buyer could also swap the parking space for three of these cars, a Ferrari 458 . On its website, Kingston House Private Parking described the car park as a 5 star parking facility deserving of our discerning clients. Henry Pryor, a property expert, described the 480,000 triple car parking spot as a reasonable expenditure for the right person. He said: Secure parking in central London is particularly valuable at the moment with homeowners keener than usual for serviced and underground spaces in the light of recent keyless entry car crimes. In Kensington and Chelsea it costs 4 per hour to park, for 10-12 hours a day, most days of the year. So it is not an absurd alternative to paying the council - although it is a lot more than a residents parking permit. A residents parking permit in Kensington and Chelsea typically costs up to 207 per year depending on the cars carbon dioxide emissions. 