A two-bedroom apartment on the English Riviera, put up for auction for a symbolic £1, was sold for 73 thousand after a real bidding war. Despite its dilapidated state, "Sea Breeze" in Paignton has great potential and can bring in up to £35,000 in annual income, writes DailyMail, reports UNN.
Details
As stated, the two-bedroom apartment in Paignton, Devon, aptly named "Sea Breeze," was put up for auction in July for just £1. The dilapidated apartment, located just a minute from the town's famous promenade, attracted a lot of attention, as the initial price was less than the cost of an ice cream cone.
Over the two days the lot was listed on the Paul Fosh Auctions house in South Wales, it received ninety bids from 15 separate participants.
"Sea Breeze" inside looks like a construction site and has no furniture, as it is in the final stages of renovation. Despite its dilapidated state, the apartment has the potential to be transformed into a comfortable seaside dwelling.
According to Paul Fosh Auctions representative Sean Roper, the apartment, after a full renovation, can bring in a significant income.
"For both serviced accommodation and holiday rentals, a well-furnished, high-standard apartment in Paignton could well command rental income of around £35,000 per annum for short-term lets. If long-term rental is considered with the property renovated to a similar high standard, monthly rental income would be between £900 and £1,000 per month."
"It needs to be stripped back and painted before it can be enjoyed, rented out or sold on the open market. This is a great opportunity for an investor who won't break the bank in terms of the cost of completing the apartment's renovation," Roper added.
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