Entire block of 10 ex-council flats goes up for sale for just £1

Entire block of 10 ex-council flats goes up for sale for just £1, or 10p per property – but estate agents admit there is ‘some cosmetic work’ to be done

  • Ten flats in the block Yr Hafan – Welsh for ‘The Haven’ – have gone up for auction with a list price of £1 each
  • The 10 one-bedroom homes in the vacant block in Bridgend, Wales, are being sold by a housing association 
  • Developer is expected to take on the block and could rent the properties out for around £250 a month

A block of disused former council flats has gone under the hammer for £1 – with each property costing just 10 pence.   

The ten flats in Yr Hafan – Welsh for ‘The Haven’ – in the village of Pantygog, near Bridgend, South Wales, have gone up for auction with a 10p list price.

The 10 one-bedroom homes are being sold by a housing association which wants to ensure the block is sold, so have listed them with no reserve price. 

It is being marketed at ‘experienced’ property developers or builders, who could rent each home for around £250 a month – but the auctioneers have warned the flats are in need of ‘cosmetic work.’ 

The purpose built building called Yr Hafan in Pantygog in the Ogmore Valley, is set to go under the hammer on May 21 

The ten flats in Yr Hafan – Welsh for ‘The Haven’ – in the village of Pantygog, near Bridgend, South Wales, have gone up for auction with a 10p list price

It is being marketed at ‘experienced’ property developers or builders, who could rent each home for around £250 a month – but the auctioneers have warned the flats are in need of ‘cosmetic work’

 The 10 one-bedroom homes are being sold by a housing association which wants to ensure the block is sold, so have listed them with no reserve price

Auctioneer Marc Morrish said: ‘The price of the block of flats is £1. I will invite offers of a pound to begin the auction and if no-one else bids, the flats will be sold for this amount. So yes, if there are no other bids, you will be able to buy it for £1.

‘The housing association want to ensure that the block is sold, hence the £1 guide price and no reserve.’

‘I can’t comment on what I think the property will eventually sell for, but the starting price is a pound as the lot has to have a monetary value put on it.

The block is being sold as 10 vacant units and while it has been vandalised in the past, the auctioneers insist the site is now secure.

Mr Morrish did however say there is ‘some cosmetic work’ to do inside the building.

He added: ‘The units are in varying states of condition with some having newer and more recently-installed bathrooms and kitchens.

‘All have fairly recent central heating systems, double glazing and the electrics should be up to standard as the block is owned by a housing association who should comply to guidelines.’

It would be up to the new buyer to get the central heating and electrics checked by qualified professionals as one of their first tasks before refurbishing and renting the property.

The block is being sold as 10 vacant units and while it has been vandalised in the past, the auctioneers insist the site is now secure

It would be up to the new buyer to get the central heating and electrics checked by qualified professionals as one of their first tasks before refurbishing and renting the property

The building juts out at the rear on pillars and there may be some movement which would require additional support, while it is likely the balconies and gangways also require work

The auctioneers warn it remains unclear just how much work is needed on the block 

If bought by a developer, the block could be refurbished then each home rented out for around £250 a month 

Mr Morrish said: ‘We have been informed that certain external works are required.

‘The building juts out at the rear on pillars and there may be some movement which would require additional support, and it’s likely the balconies and gangways also require work.

‘We are not aware of the extent of work that is required. It is definitely up to the bidders to make their own investigations before bidding.’

Mr Morrish, of agents Seel and Co, said: ‘I think the eventual winning bidder will be an experienced property developer or builder. You really need to be experienced to take on a big project like this.’

The most obvious future for the building is for the flats to be privately rented – with Mr Morrish estimating that each could get a rent in the region of £250 a month.

He said: ‘The tenants are likely to be sole occupants, a couple or even a small family and may well be higher maintenance tenants, so I’m expecting experienced landlords to also be interested in this lot.’

The block will go under the hammer on May 21 in Cardiff. 

Source: Read Full Article