Cheapest on Garmin site is £109, then the sensor is another £35!
It is pricey (although I’d never buy direct from Garmin do seem overpriced), but again you don’t need the sensor unless you’re using the GPS on a static bike, otherwise the GPS itself will do.
Lezyne do some cheaper GPS units too.
I’ve just had a quick Google and found the Giant Neos which uses ANT+; I’d assume that this would work from the back wheel as ANT+ is the wireless system that Garmin uses – but I guess you have to try it out to be sure. It think though that you have to spend another £30+ to buy the sensor which puts the cost back into basic GPS territory.
– Edit –
You beat me to the Giant.
Lezyne Mini – similar price and this is slightly cheaper if you’ll consider a GPS.