Tiny 27sqm house in Chelsea needs work after 50 years, but still fetches $1.26m

Location, location, location was never more significant. This house is just 27sqm over two floors, but it still fetched ...
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Location, location, location was never more significant. This house is just 27sqm over two floors, but it still fetched $1.26 million, because it is Chelsea and the setting is perfect.

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.

And here's a big part of its appeal - a beautiful green park directly opposite the house.
DOUGLAS & GORDON/SWNS

And here's a big part of its appeal - a beautiful green park directly opposite the house.

Listing company Douglas & Gordon says that more than 100 people looked through the house in a month, and the firm had 19 offers.

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A renovator's dream, the house will be used as a pied-a-terre by the new owners, once they do it up.
DOUGLAS & GORDON/SWNS

A renovator's dream, the house will be used as a pied-a-terre by the new owners, once they do it up.

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.

The sparkling chandelier belies how much cosmetic work is needed behid the doors.
DOUGLAS & GORDON/SWNS

The sparkling chandelier belies how much cosmetic work is needed behid the doors.

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.

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There is some built-in storage in the first-floor bedroom.
DOUGLAS & GORDON/SWNS

There is some built-in storage in the first-floor bedroom.

The house has two floors of 11.55sqm plus a kitchen and bathroom area of around 4 sqm on the ground floor.
DOUGLAS & GORDON/SWNS

The house has two floors of 11.55sqm plus a kitchen and bathroom area of around 4 sqm on the ground floor.

 - Stuff

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