One of London's smallest apartments is being auctioned for $68,000. Take a look inside the 75-square-foot space.
Armani Syed
- A 75-square-foot apartment in London is up for auctioned with a starting bid of £50,000, or $68,000.
- The studio in Clapton, Hackney, has a single bed, a bathroom, and a microwave instead of a kitchen.
An apartment that's marketed as the smallest in London is being sold at auction with a starting price of £50,000, or around $68,000.
The 75-square-foot apartment in Lower Clapton, East London, is located on the first floor of a Victorian conversion. It was listed on My Auction ahead of bidding opening next Tuesday, and will close the following afternoon.
It was rented out by the current owner to tenants during the past year for £800 per month, or just under $1,100. Now, it's being sold as an investment opportunity, according to My Auction director Stuart Collar-Brown.
He told Insider that while the starting price for bidding on the property is £50,000, or around $68,000, it's possible that bids could exceed this but would sell for no more than £80,000, or around $108,500.
The main space in the tiny apartment space has a single high sleeper bed with a wardrobe and storage beneath it, as well as a sink and cupboard, and a fold-away desk.
Inside, there's a high sleeper bed known as a "captain's bunk," with drawers and a wardrobe beneath for storage. Opposite, there's a wall cabinet and sink, a desk that folds down, and a shelf.
While the apartment is minimal, Collar-Brown said he believes its low price point and proximity to local services is the appeal of such a tiny home. He said: "You can't really jazz it up too much, the price is going to sell as it is an investment. Because of the rent you can expect, you'll get your money back within five and a half years."
He added that it's too small to qualify for a mortgage loan so the next buyer would need to pay entirely upfront, although the space still meets the minimum standards for living.
The most unusual aspect of the apartment is the lack of kitchen facilities, instead, the apartment offers a microwave underneath the mattress.
Collar-Brown said the lack of kitchen appliances has not been an issue for previous tenants so it depends on a person's individual lifestyle.
He suggested that future owners or renters could seek out combination microwaves that have grilling abilities or failing that, a hot plate or a George Foreman grill.
He also added that the space might suit a bed that can be folded away to become a desk, to maximize the floor space available during the day.
Collar-Brown told Insider the bathroom, which is separate from the rest of the space, is the best aspect of the studio apartment.
The property has a wet room — with a toilet, bathroom sink, shower, and towel rail — behind a separate door which is on the right as you walk into the studio.
The apartment's $68,000 starting price makes it the cheapest long leasehold apartment currently in the UK with 994 years remaining, which means that the rights to own the home will last this long, according to British real-estate laws. Lower-priced apartments commonly have a shorter leasehold, which The Home Owners Alliance notes is 90-120 years, but can be less than 80 years.
Despite its modest offering, the apartment has already had a good amount of interest from potential bidders, Collar-Brown said.
"It's been quite popular but you can never tell what's going to happen until auction day," Collar-Brown said.
Studio apartments currently for sale within a mile of the area range from £150,000 to £450,000, or around $204,000 to $611,000, according to a search on UK property listing site Rightmove.
Other than an investor, Collar-Brown thinks the apartment would suit parents looking to buy their young adult child their first home for work or study. He said it would also suit a working professional, such as a nurse or doctor, due to its proximity to Homerton University Hospital.
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