Who would pay £1 million for a London bedsit?

Mayfair studio goes on the market for £1 million. Can it be worth it?


Mayfair £1 million studio

The £1 million Mayfair studio flat measures just 321 square feet. The resident would have to eat, sleep and live in the same small space, crowd into a galley kitchen and squeeze into a bathroom. And what's most shocking is that they'd have to pay almost £1 million for the privilege.

The flat has gone on the market for £999,999. The reason for the ridiculous price tag is that it's on Upper Brook Street in Mayfair, in a swanky mansion block.

Worth it?
Foxtons estate agents, who are selling the property, told the Evening Standard they would expect the property to be bought by someone from overseas who might usually stay in a five star hotel when they are in London on business, and choose this alternative for the flexibility. The agent added that these buyers see London property as a safe place to leave £1 million for the long term too.

When you consider that these people are used to paying £600 a night for a room at Claridges, the idea of staying somewhere of a similar size which is likely to hold its value, and therefore set them back just the costs of buying and furnishing it, bizarrely starts to make sound financial sense.

The agent is also capitalising on the fact that there are very few studios available in Mayfair: the only other one available is slightly smaller at 318 square feet, in a less plush block, which is less well kitted out, and costs £750,000. Alternatively buyers are looking at a one bedroom flat, which start at £1.1 million. And if all you want is a hotel room, why pay for the equivalent of a suite?

And before we get too outraged at the cost, it's worth bearing in mind that this is not the most expensive studio flat for sale in the capital. The as-yet-unfinished studio flat on the 15th floor of The Tower in Vauxhall has been priced at an astonishing £1,153,800. And while it's much bigger - in fact it's twice the size of the Mayfair studio - it's worth taking a step back and remembering that it's in Vauxhall.

But what do you think? Can there ever be any sense in paying £1 million for a bed-sit?

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