A seaside home on the famous English Riviera has been sold for 73,000 times its original guide price.
The two-bedroom apartment in Paignton, Devon – aptly named Sea Breeze – was listed for just £1 when it went up for auction in July.
The run-down apartment, only a minute from the town’s famous seafront, attracted a lot of attention with the initial price less than the cost of an ice cream cone.
The lot attracted ninety bids from 15 separate bidders over the two days it was up for auction at South Wales based Paul Fosh Auctions.
The ‘fixer-upper’, in need of significant work, eventually sold for £73,000 after the intense bidding war.
Sea Breeze looks like a building site on the inside and is unfurnished as it has recently been refurbished and is in the final stages of second fix.
It could be transformed into a dream home by the beach if the new owner is able to complete the finishing touches.
Sean Roper of Paul Fosh Auctions said that once the apartment has been fully refurbished, it could fetch up to £35,000 a year in rent.
Mr Roper said: ‘The property has been recently refurbished and is at final stages of second fix.
‘The kitchen is already supplied and in the property.
‘It requires skimming and painting before being ready to enjoy or let out or sell on the open market.
‘This a great opportunity for an investor which won’t break the bank in terms of expenditure to complete the refurbishment of the apartment.’
‘As serviced accommodation or as a holiday let, a well-furnished to a high standard apartment the Paignton property could well generate a rent of around £35,000 per annum on a short stay basis.
‘If a long term let is considered with the property refurbished to a similar high standard it is going to command a monthly rental in the region of £900- £1,000 p.m.’
