HTTP could not register URL http Your process does not have access rights to this namespace

While self-hosting the wcf service in console application, you may face the following issue:

HTTP could not register URL http://+:54663/MyService/. Your process does not have access rights to this namespace (see http://go.microsoft.com/fwlink/?LinkId=70353 for details).

Simply restart the Visual Studio using the Administrator permissions and you are done.