Tiny £1 million flat for sale: what do you get?

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The lounge/dining room

A £1 million property has hit the market in central London. The flat is just 461 square feet - which means it's smaller than the living room in most traditional houses. It somehow manages to squeeze in a bedroom, a lounge, a tiny kitchen, and a bathroom.

So how can this possibly be worth £1 million?


Downsides

The property has its downsides. The bedroom currently doesn't feature a wardrobe, and while there's arguably space for one, it would make walking around the bed something of a tight squeeze. The kitchen, meanwhile, is a place for just one person - and if you have the oven door open that person might need to vacate the area too. The lounge/dining room, meanwhile, could be charitably described as compact.

The price tag isn't all you'd have to fork out to live here. Even after the £1 million asking price, you'd still need to be prepared to spend £3,000 a year on service charges to pay for things like a 24-hour-porter.

In return, the big attraction is the location: you're in Mayfair - just down the road from the Ritz, and off Berkley Square.

Bargain?

It's not the only astoundingly priced flat in the posher parts of London. We reported recently that there are a number of studios on the market around the £1 million mark. This included a couple near Tower Bridge, one in Notting Hill and one in Belgravia. By comparison this flat looks both spacious and cheap.

Peter Wetherell of estate agent Wetherell - who is marketing this property - said that for the area, it's a snip. The average asking price for the properties on his book last year was £3.75 million. He added that the firm has sold properties for £5,000 per square foot - which would price this particular property at over £2 million - and he expects those prices to double over the next decade.

The firm is so confident that this is a reasonable price and a sensible size for the area, that they don't think this will be a London pad for a multi-millionaire with properties around the world. A spokesman from the firm told the Daily Mail: "It could be a very nice pied-a-terre but I think someone will actually live there. It is the first rung on the ladder for the Mayfair experience."

Not too small

In the context of new-builds around the country, it's not actually particularly tiny. According to RIBA, the average one-bedroom new-build is only marginally bigger than this.

There are plenty of people living perfectly happily in far smaller properties. We reported on architect Macy Miller who built her own home and was living in 196 square feet with her Great Dane with no problems whatsoever. Then there's the Tiny House in the Blue Mountains in the US, which is 320 square feet, and home to a family of four.

But what do you think? Would you want to live in this Mayfair property? And would you pay £1 million for it?