One of the smallest houses in London has sold for £713,823 - equal to £2,461 per sq ft and far higher than its initial asking price.
The pint-sized property in Chelsea was initially on the market for £600,000, but the buyer beat off 18 other bidders, and paid £113,823 over the original asking price.
Its new owner, Robin Swailes, said that he expected his investment in the house to outperform his AstraZeneca pension by 30pc over the next 10 years.
House prices in Kensington and Chelsea are £1,317,424, and the average price per sq ft is £1,717. This means that Mr Swailes paid over the odds for the house, which measures just 290 sq ft and is in need of renovation.
While Mr Swailes said he expected the price to rise substantially in the next 10 years, this area of central London has seen prices fall in recent months. According to Knight Frank, the most expensive houses in Chelsea have slipped in value by 13.3pc in the year to January - more than anywhere else in London.
This has been due to economic uncertainty following the EU referendum, increased levels of stamp duty for the most expensive properties, and higher levels of tax on those buying second homes or buy-to-let properties.
House price growth is expected to pick up in these areas of central London in two years' time, after Brexit negotiations are finished.
Douglas & Gordon, which sold the house, held more than 100 viewings. Mr Swailes described the house as “small but beautiful”, and added that he wouldn't be digging down into the basement.
The house, which was built as a home for grave diggers, has a 166 sq ft ground floor reception room that acts as a living and dining room, a small kitchen and downstairs shower room. Upstairs is a 124 sq ft bedroom.
Ed McCulloch, sales manager at Douglas & Gordon in Chelsea, said that the house was “totally unique, a one-off”.
He added: “When fully refurbished, the value of this proper Chelsea gem will almost certainly increase in price, making it a great investment,” he added. “Properties this unique are extremely rare, and the person who owns it can be safe in the knowledge that no one else lives in a house quite like them.”