'London's smallest flat' in Lower Clapton sells for £90,000

The micro-flat is located in Lower Clapton

The micro-flat is located in Lower Clapton - Credit: My Auction

A Hackney flat dubbed "London's smallest" sold at auction for £90,000 – 20 per cent more than its guide price. 

The newly renovated converted Victorian studio on Saratoga Road takes up a total area of 75 square feet. 

It has attracted media attention for its size. 

The studio micro-flat was sold for £90,000

The studio micro-flat was sold for £90,000 - Credit: My Auction

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."

The first floor micro-flat has just enough room for a single captains-style bed with cupboards in-built, as well as a microwave and space for a fridge. 

A captain-style bed provides storage, a microwave and room for a fridge

A captain-style bed provides storage, a microwave and room for a fridge - Credit: My Auction

The flat also features a fold out table, sink and separate private bathroom.

The property was auctioned by online property auction company My Auction.

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Bidding started on February 22 and finished at 4pm on February 23.

My Auction says the flat's size means it would be difficult to get a mortgage so the auction attracted a high level of interest from buy to let investors. 

The flat has a private bathroom

The flat has a private bathroom - Credit: My Auction

At the sold price of £90,000, the property would, according to My Auction provide a rental yield of 10 per cent a year.

The flat has a leasehold of 994 years and is within walking distance of Chatsworth Road and Lower Clapton. 

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

Despite its small size the flat garnered much attention from prospective buyers

Despite its small size the flat garnered much attention from prospective buyers - Credit: My Auction

The apartment initially had a minimum price at auction of £50,000, and based on that figure it sold at 80pc higher than the guide price. 

However, the guide price was increased to £75,000 on February 21, due to significant levels of interest in the property. 

“We can never predict how much a property will go for at auction but we knew this one would attract a lot of attention. Regardless of how the auction winner plans to use it, it’s a really sound investment – money in property is always going to be better than money in the bank," said Mr Collar-Brown.