Tightmove! Tiny 75 sq ft studio flat in east London with a microwave fitted underneath the BED is up for auction and expected to fetch £50,000
Tiny 75 sq ft studio flat in Clapton will go up for auction next week – with bids starting at £50,000
The London flat is located on the first floor of a Victorian terraced house and comes with a 994 years lease
Consists of a studio living space with a built-in bed, fold-out table and tiny cooking space, plus a bathroom
By Claire Toureille For Mailonline
Published: 16:43 GMT, 6 February 2022 | Updated: 16:58 GMT, 6 February 2022
A studio flat which is smaller than the average parking space is going up for auction next week – with bids starting at £50,000.
The 75 sq ft (7sq metre) flat, in Clapton, east London, is located on the first floor of a Victorian terraced house and comes with a 994 years lease.
It consists of a studio living space with a built-in bed – complete with a microwave underneath it – as well as a fold-out table, a tiny cooking space, and a separate toilet with sink, shower and heated towel rail.
The auction is set to start on 15 February, and will close the next day, with the highest bidder becoming the owner of one of London’s smallest flats.
A studio flat (pictured left and right) which is smaller than the average parking space is going up for auction next week – with bids starting at £50,000
The 75 sq ft (7sq metre) flat (pictured), in Clapton, east London, is located on the first floor of a Victorian terraced house and comes with a 994 years lease
London house property auctioning house My Auction, who is representing the flat, describes it as ‘investment opportunity producing £9,600 per annum.’
The tiny property is located between Homerton, Hackney Downs and Overground stations and is located close to Homerton University Hospital.
Stuart Collar-Brown, a director of My Auction, said: ‘The flat is small — but then again, you also can’t buy a long-leasehold property in central London for £50,000 so it’s a great opportunity for someone to get on the ladder.’
He added that due to the square footage of the flat, buyers won’t be able to obtain a mortgage on it, and will have to pay cash. He went on to say that the flat was a great investment opportunity, due to the fact it’s yearly rent will pay back the cost of the sale back in just a few years.
‘You can never predict what these properties will achieve at auction but since the new year we have seen no slowdown of interest from professional and first-time auction buyers with our last sale producing 95 bids,’ he added.
‘This property won’t be short of potential tenants. We’re seeing a wide disparity of good quality stock in the rental market and the number of potential tenants,’ he added.
Optimising space: Storage is located under the bed, as well as a microwave for cooking. There is a sink on the other end of the room in this tiny studio flat
The auction for the flat (pictured) is set to start on 15 February, and will close the next day, with the highest bidder becoming the owner of one of London’s smallest flats
‘This is driving up rental rates in the capital and offering landlords yields that haven’t been seen since 2016. This is a good solid asset for the right buyer in a well maintained building and a popular location,’ he went on.
However, Chris Sykes, a mortgage consultant with brokerage Private Finance told the Times that buyers would not qualify for a loan, due to the fact only a few number of people would like to live in a property like this.
He added buying the flat to rent it was a risky wager and went on to say the flat’s value may even be too low to meat the minimum loans.
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.
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