The property is valued at nearly three times the average UK house price. Douglas & Gordon LONDON — One of the smallest homes in London has gone on the market for the first time in nearly 50 years — and it will cost you £600,000 to buy.

Letting agents Douglas & Gordon call the 290-square-foot one bedroom, one bathroom freehold property "an utterly charming one bedroom cottage" and "a proper Chelsea gem."

Despite being valued at nearly three times the average UK house price, according to the Evening Standard, the company adds that the property is "in need of complete re-modernisation."

The home is situated on Britten Street, an eight-minute walk to both South Kensington and Sloane Square stations.

The front door takes you into a worn reception room.

It leads to a tiny, run down looking kitchen and equally tired shower room.

Business Insider requested images of both rooms, but Douglas & Gordon said it didn't have high-resolution images available.

The stairs lead to the only bedroom. It overlooks St Luke’s Gardens, a leafy park with a church, but the carpet and walls appear to be in need of an upgrade.

Once refurbished, the home could be worth up to £1 million, according to ITV.

Ed McCulloch, sales manager at Douglas & Gordon, said: "We have had a large number of people expressing interest in it and it has only been on the market for a week. People are looking for something that captures their imagination. Once it is done up, someone might pay as much as £1 million for it, we don’t know — it is unique."

He added that he’s never seen a smaller freehold in Chelsea.

"It is going to suit a buyer who wants the space without the management charge of an apartment," McCulloch said. "It could be a first home or pied-a-terre."

The online listing adds that the property "offers an incoming buyer a terrific opportunity to re-fit it to their own taste and style."