Rumours of Chelsea's demise are greatly exaggerated, it seems – after a miniature house in the London neighbourhood sold for a whopping £713,823. That's more than £100,000 above asking price.
The tiny home, which we wrote about back in February, was on sale at £600,000. Sounds like a bargain for a home in the heart of Chelsea overlooking a bright square. But the catch is, it's only 290 sq ft – plus it needs a full revamp.
Today Douglas & Gordon, the estate agent instructed to sell the one bedroom, one bathroom property, said it had conducted more than 100 viewings and had 18 offers, but was eventually bought by Robin Swailes, a former executive at pharma giant Astrazeneca, who reckons the investment will outperform his pension by more than 30 per cent over the next 10 years.
However, the home needs a full refurb – photos of it show damp and mould in the living room, kitchen and bathroom.
Swailes called the property, which looks out over St Luke's Church and was built for grave diggers, "small but beautiful". The original description of the cottage called it "utterly charming... a proper Chelsea gem".
Figures published by Hometrack at the beginning of this month showed Chelsea is one of the three London boroughs in which house prices fell year-on-year in January.
The area is one of those hit hardest by new rules on stamp duty and buy-to-let homes, the report suggested, while Guy Meacock, director of buying agency Prime Purchase, said the market in London's prime areas has "contracted considerably" in recent months.
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