A sign of the depressing state of the London property market or an affordable pied-à-terre in an unbeatable location?
If ever there was a property to divide opinion, this 2.5ft-wide studio flat in Kensington is it. The miniature abode measures a mere nine metres squared, or 96 square feet, and is just 75cm (2.4 feet) wide in places, but has gone on the market for an eye-watering £250,000. In fact, the home is so small that, whoever its owner ends up being, will be able to stand in the middle of it and comfortably touch both walls at the same time.
The property was originally a caretaker’s broom cupboard and is located, along with seven other apartments, in a Grade II-listed, 1871 building on Queen’s Gate in Kensington. The exterior boasts a white stucco frontage and doric porches, and there’s no question that you’re paying for the location – it’s just a stone’s throw from the Natural History Museum and V&A. It might feel like you’re living in a box but, fortunately, the flat also has a single window, from which you can see views of the surrounding area, with its museums, galleries and Royal Parks.
Undoubtedly one of the smallest homes in the UK, the studio’s living space currently contains a sofa, chest of drawers, table and TV — and there’s a tiny kitchen too. The bedroom is on a mezzanine area, measuring 1.5m by 3m, while there’s a shower room which is 1m x 0.5m. There’s also an entry system so you can easily allow guests in and out of the flat.
The flat was bought for £80,000 over 20 years ago and has more than trebled in value since. Its £250,000 price tag means that you’re paying a whopping £27,777 for every square metre of floor space. The average property price on Queen’s Gate last year was £2,224,464, while, for the borough of Kensington and Chelsea, the average flat would set you back £1 million. While small, it just about comes in under the average UK property price of £293,000 and is more than half the average property price of London as a whole, which currently sits at £531,000.
“With landmarks such as the Natural History Museum, the Science Museum and the Victoria and Albert Museum on its doorstep, what it lacks in space, it makes up for with its sought-after location,” says current owner Nick Minns, who is confident the flat won’t be on the market long. “It’s a short walk to South Kensington tube, which has excellent transport links into and out of central London. The property would make a great bolthole for someone who perhaps lives outside London, and just needs somewhere to rest their head for a night or two during the week.”
Alternatively, you might prefer to rent it out, as Minns has done. “It also would make for a sound rental investment, commanding a rent of over £2,000 a month. In all the years I have owned it, it has never once been empty.”
The flat is currently for sale with Purplebricks and Nick Gaunt, Purplebricks’ Local Property Partner, adds: “To find any property, however small, with such a prestigious postcode and at this price is very unusual. As such, we imagine it is likely to get snapped up very quickly, especially given its location, investors are likely to see beyond its square meterage and to the fact it will make a smart investment for any buyer.”
