2 days ago
This countryside cottage is being auctioned off for just over $1
By Elizabeth Hunter
A derelict cottage nestled in the countryside is up for auction, with a price tag of just £1 (just over $1).
The two-bedroom home named Bwthyn Cariad - or Love Cottage - is located in Pembrokeshire in Wales, but is in need of a total revamp.
Auctioneers at Paul Fosh Auctions hope the price tag of just £1 will attract investors who are up for the challenge of renovation.
Sean Roper, senior auction valuer, believes there could be handsome rewards if an investor is willing to show the cottage some much-needed love.
"The mid terraced property has certainly seen much better days," he said.
"But there is plenty of scope presented by what is there and added to that, the property has a very large garden which could also be exploited - and an auction guide price of just £1!
"Currently, Bwthyn Cariad has two lower ground floor rooms with two bedrooms upstairs, with the expansive garden which extends down the rear of Meyrick Street.
"It would seem that the lot offers a number of development opportunities, subject to obtaining planning permission.
"The first could be to renovate and refurbish to a high standard for holiday lets due to its proximity to many of Pembrokeshire top tourist areas.
"Typically, a refurbished two-bedroom cottage would generate in the region of 28k per annum net as a holiday let.
"A second option could be to renovate and refurbish to a high standard as a long term let.
"There could be a high demand for this kind of refurbished property from young professionals and local workers and could achieve a monthly rental of some £900 pcm.
"Another idea could be to renovate and refurbish to a high standard and sell on the open market.
"Renovated, a typical, two-bedroom high-standard property in this area could sell for between $160,000 and $185,000.
"There is also an option to renovate and sell the garden space that runs up Meyrick Street, that's with the property.
"Parcels of land could be sold to individual houses along Meyrick Street and then retain the house with a portion of the remaining garden space.
"The property is located within close proximity of the main shopping area of Pembroke Dock.
"Pembroke Dock itself is a town located some three miles north west of Pembroke and seven miles south of Haverfordwest, with good road links provided by the A47,7 which links to the A40 at Johnstown.
"Pembroke Dock provides a comprehensive range of shopping and recreational pursuits also it benefits from a rail station Northwest of the property, providing further transport links.
"The A477 also leads north via the Cleddau Bridge crossing Milford Haven through to Honeyborough and also providing access to the heart of Milford Haven Centre."
Bwthyn Cariad is one of some eighty-plus lots which will be sold online at Paul Fosh Auctions, which starts at 12 noon on Tuesday, June 24 and ends from 5 pm on Thursday, June 26.
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