According to the British Daily Mail on the 5th, a two-bedroom apartment called Sea Breeze, located in Painton, Devon, went up for auction last month.
Although the apartment was well-established, a minute’s walk from the town’s popular beach, it had been in need of repair due to aging. However, it drew much attention as the price was set at £1, which was lower than expected. “It is cheaper than ice cream,” the media said. The auction lasted for two days. A total of 90 bids were made for the apartment alone, and after fierce competition, it was auctioned off at 73,000 pounds.
Currently, the apartment has completed the first remodeling and interior design work for the living room. It has recently entered the second stage of repair.
“It will be a good opportunity for investors as it does not cost much to complete the remodeling of the apartment,” said Sean Roper of Paul Posey Auctions, which conducted the auction. “If completely renovated, it will enable rental income of up to 35,000 pounds per year.”
“For long-term rent, monthly rent is expected to be between 900 and 1,000 pounds,” he added.
SAM KIM
US ASIA JOURNAL
