Tiny step on the property ladder

Published on Sunday 2 March 2008 21:18

IT IS the ideal home for anyone wanting a quiet life or looking for an excuse not to have the neighbours round for tea.

It won't take long to clean, the heating bill should be affordable and there is no danger of mislaying anything important.

But despite measuring just 150sq ft, or 14sq m, this bijou Edinburgh flat is about to go on the market with a sizeable 55,000 pricetag, and property experts are already predicting a bidding war.

Not only is it in a prime location in a former Georgian townhouse on Picardy Place, on the cusp of the city's New Town, but it also boasts striking views of North Edinburgh, the Firth of Forth and Fife.

The lawyer who has owned the flat for the last 12 years will be advertising it as "The Shoebox", his nickname for the property, in the selling prospectus.

But experts believe it could still fetch as much as 80,000 because of its attractive location and the lack of cheap accommodation in the area.

The main "studio" room features an elevated "captain's bed" platform, a lounge area and kitchen. The only other space is a shower room with a toilet and a sink.

Branislav Sudjic, who lives in Pitlochry and whose office is in Kirkcaldy, stayed in the flat virtually every week when work took him to the capital. He paid just 11,000 for the former office space when it came on the market 12 years ago.

He has room for only around 20 books, a magazine rack and a modest CD holder. A small fridge is tucked into a shelf in the living room, while a portable TV hangs off a wall bracket.

There is a small built-in wardrobe in which to hang a few items of clothing. The only other storage space is a small hatch in the roof of the hallway and a couple of coathooks hidden behind a curtain.

"It's been ideal for me over the years and I've really enjoyed staying there," Mr Sudjic said. "It's really had everything I've needed and has been really easy to live in. It really only needed a lick of paint when I moved in.

"I just feel I could do with something a little bit larger, but it will be sad to leave it behind. I've a lot of good memories."

Chris Sayer, of Hadden Rankin, the selling agent for the flat, said: "Picardy Place enjoys an enviable location in the city centre so close to major amenities.

"As far as I'm aware, it's the smallest property to come on to the open market in the city centre for years and I'm sure there will be a lot of interest in it. A one-bedroom flat around the corner will set you back around 150,000 these days.

"The flat is in a beautiful Georgian building, with a magnificent flagstone communal stair, and there are amazing panoramic views out the back towards Fife. It's a very attractive property at the price."

Mark Coulter, of agents Savills, said: "I would think this property could generate anything up to 80,000. It's not so much the quirkiness of the property that will attract interest, but the value for money it offers in a location like this, and the mortgage will be so small."

THROUGH THE ROOF

THE price per square metre of the Picardy Place studio flat is 3,928. Here are the world's ten most expensive cities for residential apartments, based on the average price per square metre:

London 12,329

New York 8,100

Moscow 7,896

Paris 7,029

Hong Kong 6,405

Tokyo 6,034

Singapore 6,000

Mumbai 5,197

Barcelona 5,018

Geneva 3,830