One of the smallest houses in London has gone on sale for a whopping £600,000.
Described by estate agents Douglas & Gordon as “a proper Chelsea Gem”, the house only offers 290 square feet of space. However, it is estimated that it could be worth over £1m following a successful renovation.
Sitting on beautiful Britten Street, just a short walk from South Kensington tube station, the house is valued at an incredible £2,068 per square foot. While Chelsea may be one of the more affluent parts of London, the average value for a property in the area is only £1,717 per square foot, suggesting that there is more to the price tag of the tiny house than its location alone.
That being said, the property’s location is certainly the main reason for the price. Elsewhere in the UK, £600,000 can buy you a much larger house, easily big enough to accommodate a growing family. In Chelsea, however, space is a premium. Just last year a garage in the area sold for an incredible £670,000!
Despite its small size, the property is not lacking in space. The lower floor offers a 166 square foot living/dining area, as well as a shower room and a cosy little kitchen. The upstairs bedroom offers a moderate 166 square feet of space, along with a fitted wardrobe and even its own tiny skylight.
“Available to the market for the first time in almost 50 years, this is an utterly charming one bedroom cottage quietly situated on one of Chelsea's prettiest streets, overlooking St Luke's Gardens,” reads Douglas & Gordon’s description of the property.
“Internally, this Freehold house is in need of complete re-modernisation and offers an incoming buyer a terrific opportunity to re-fit it to their own taste and style whether it be as a lovely house or as a private office.”
Indeed, the inside of the house is in dire need of some TLC. The white walls are cracked and peeling and most of the flooring will need to be replaced. You would not expect exposed underlay in a property worth £600K! The bathroom and kitchen are also in a sorry state, with the electric hob looking like it belongs in a cheap hostel rather than a million pound property.
However, there is definitely a huge amount of potential here. The cost of renovating a house like this would be peanuts compared to the potential profit. Speaking to the Telegraph, Douglas & Gordon Sales Manager Ed McCulloch estimated that it could be worth over £1m at its best.
"It is totally unique, a one-off,” McCulloch told the Telegraph. “I've not seen anything in Chelsea which has a freehold and is smaller."
The Chelsea cottage is currently on sale with Douglas & Gordon.
Philip knows the most frustrating aspect of a home improvement job is not knowing anything about it! In the news, Phil is always on the look out for properties that inspire. He’s a fan of modern properties, with a particular soft spot for skyscrapers.