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London’s smallest flat sells for £90,000

The Negotiator

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London’s smallest property, situated on Saratoga Road, Hackney has sold at auction for £90,000, 20% over the guide price of £75,000.

The newly renovated and converted Victorian studio is just 75 sqft. The first floor flat has room for a captains-style bed with cupboards and shelves, a microwave underneath and space for a fridge, fold out table, sink and separate private bathroom.

For sale with My Auction, the property attracted a high level of interest from buy to let investors which will provide a rental yield of 10% a year at the sold price.

The flat comes with a long leasehold of 994 years and is within walking distance of a wide range of amenities including cafes, bars, restaurants and independent retailers. Plenty of green spaces are also within close proximity as well as the overground stations of Hackney Downs, Hackney Central, Homerton and Clapton giving easy access into Central London and beyond.

It is not yet known what the winning bidder plans to do with the property.

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.”

April 29, 2022

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