Studio flat smaller than a PARKING SPACE sells for £90,000 – way over the asking price

A TINY flat smaller than a parking space has sold for £90,000 – almost DOUBLE the asking price.

The 75sq ft (7sq m) flat in Hackney, East London – believed to be the capital's smallest – was put on the market for £50,000 through My Auction.

But it ended up selling for £90,000 after the guide price was raised to £75,000.

The tiny flat, which is in an imposing Victorian home, boasts just one room and an adjoining bathroom.

There is no kitchen but there is a microwave and cupboard with some shelving and drawers.

Above the makeshift cooking area is a single bed that spans most of the area of the studio.

There is also a sink with a TV above it and a foldaway shelf that could be used as a dining table or desk.

The wetroom is basic with a shower, toilet and sink crammed inside.

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Despite its size, the flat is currently let out for £800 per month – £9,600 per year – making it one of London’s highest yielding rental properties.

It has 992 years remaining on the lease, with a ground rent of £1 a year, but due to its size, it is understood buyers would not be able to obtain a mortgage.

The government’s 2015 space standard states a minimum floor plan of 37sq/m for any new one-bedroom flats.

Although most microflats do not meet the standard, they are allowed when they help to meet housing need.

The Hackney flat is just 1sq m bigger than the minimum requirement for a single-occupancy prison cell set by the European Committee for the Prevention of Torture.

Stuart Collar-Brown, co-founder and director of My Auction, 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.

“For someone in the right position, it also makes a great first home, close to the City and ideal for a commuter or a bolthole for someone who only needs to be in London a couple of days a week."




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