London’s ‘smallest flat’, which is just 75sq ft and has a built-in bed squeezed in above the microwave, has sold for £40,000 more than its £90,000 asking price at auction.
The tiny studio apartment in Clapton, east London, was put up for online auction on February 15 with bids starting at £50,000. It sold last Wednesday at 4pm for £90,000, 20 per cent over the expected sale price of £75,000.
The flat is located on the first floor of a Victorian terraced house and consists of a studio living space with a built-in bed, with a microwave underneath it, a fold-out table, cupboards, shelves and a tiny cooking space.
There are no hobs in the flat, but it does come with a separate wet room equipped with a toilet sink, shower and heated towel rail.
A tiny studio apartment (interior pictured) in Clapton, east London, was put up for online auction on February 15 with bids starting at £50,000. It sold last Wednesday at 4pm for £90,000, 20 per cent over the expected sale price of £75,000
The flat is located on the first floor of a Victorian terraced house and it comes with a separate wet room equipped with a toilet sink, shower and heated towel rail
The property consists of a studio living space with a built-in bed, with a microwave underneath it, a fold-out table, cupboards, shelves and a tiny cooking space. There are no hobs
A number of investors were attracted to bidding for the east London property due to the potential for rental return, as the studio is expected to provide 10 per cent a year rental yield.
The flat, which has 994 years remaining on the lease, is currently being let out for £800 a month, or £9,6000 per annum, making it one of London’s higher yielding rental properties.
A mortgage on the property was ruled out due to the flat’s size, which meant that only cash buyers could bid for the home through My Auction. It is not yet known what the winning bidder plans to do with the property.
Stuart Collar-Brown, director of My Auction, described the flat as ‘highly functional’ and said it was a ‘sound investment.
He said: ‘This property has attracted a significant level of attention, largely from buy to let investors who recognised the substantial return potential.
‘The flat might be small, but its highly functional and with such disparity of good quality stock in the rental market and the number of potential tenants, properties like this don’t hang around for long.
The property on Saratoga Road (exterior pictured) is within walking distance from the cafes, bars and restaurants on Chatsworth Road and Lower Clapton Road
The flat, which has 994 years remaining on the lease, is currently being let out for £800 a month, making it one of London’s higher yielding rental properties. Pictured: The bed is built in above the microwave, cupboards, shelves and drawers
A mortgage on the property was ruled out due to the flat’s size, which meant that only cash buyers could bid for the home through My Auction. Pictured: The separate wet room consists of a toilet and sink directly next to the shower
‘We can never predict how much a property will go for at auction but we knew this one would attract a lot of attention.
‘Regardless of how the auction winner plans to use it, it’s a really sound investment – money in property is always going to be better than money in the bank.’
The property on Saratoga Road is within walking distance from the cafes, bars and restaurants on Chatsworth Road and Lower Clapton Road.
The tiny property is located between Homerton, Hackney Downs and Overground stations and is located close to Homerton University Hospital. Hackney Marshes, South Millfields Recreation Ground and Millfields Park are also nearby.
History has shown that small spaces are as in demand as their bigger counterparts in London.
In January, a tiny one-bed flat went on the market for the ‘mad’ price of £430,000 – despite being so small it looks like a shed.
In 2019, a 9.1 sq metre flat in Hackney, east London, sold for about £200,000 and a year later, a 7.3sq metre studio in Kensington and Chelsea also sold for about £200,000.
