Tiny 27sqm house in Chelsea needs work after 50 years, but still fetches $1.26m
If you find a property in the location you want, it seems size doesn't matter.
This minuscule house in Chelsea, London is just 27 square metres, 15.4 sqm at ground level and 11.5 sqm on the first storey – not much more than a box room, as they like to say in the UK.
But because this is Chelsea and the property is essentially detached with a view over a leafy green park, the interest in the sale was huge.
Listing company Douglas & Gordon says that more than 100 people looked through the house in a month, and the firm had 19 offers.
The Daily Mail reports that there was a last-minute bidding war for the property, which was won by Robin Swailes, who paid £713,823 (NZ$1.26 million).
This was the first time the tiny house had come onto the market in 50 years, and it is in dire need of renovating. Swires said: '"Everyone dreams of owning a detached house in central London. It is small but beautiful and we're going to renovate it and use it as a pied-a-terre."
But even though the house is tiny, the final price paid for it is around three times the average home in England and Wales in terms of the price paid per square foot.
Buying the worst (or smallest) house in the best street and renovating can bring big gains, however. This house is expected to be worth more than £1 million (NZ$1.77 million) once the makeover is finished.