Derelict seaside cottage to be auctioned for $2

In the market for a bargain project and a UK adventure?

A doer-upper called Love Cottage or Bwthyn Cariad is on sale for a bargain price – but is hiding a grim secret that could prove too much for some buyers to bear.

The two-bed home in Pembroke Dock, Wales, boasts picturesque river views and comes with a starting price of just £1 (AU$2) but needs a lot of work to make it habitable once more.

At present, the cottage comprises two lower ground floor rooms and two bedrooms upstairs, along with an extensive garden that stretches down the rear.

Listing images make it clear the home has seen better days with mould and water stains covering walls, floors and ceilings.

The bathroom is covered in rubble, as are at least two other rooms.

The backyard is heavily overgrown and will require serious attention.

MORE NEWS

German town’s 14-day temptation

Woman buys six homes in Italy for $1 each

Ghost town: Where homes cost $1.72

The Pembroke Dock cottage has seen better days. Source: Paul Fosh Auctions

The kitchen is covered in what appears to be mould and water stains. Source: Paul Fosh Auctions

A former bedroom is covered in rubble. Source: Paul Fosh Auctions

However, the cottage’s coastal location could make it an attractive offering for bargain hunters.

Sean Roper, of Paul Fosh Auctions, who is taking the property to auction in late June, said the property could work as a holiday let, long-term rental or renovation project for a keen developer.

“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!”

He went on to say the expansive garden extends down the rear of Meyrick Street, offering “a number of development opportunities” subject to 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,” Mr Roper said.

“Typically, a refurbished two-bedroom cottage would generate in the region of £28,000 (AU$58,000) 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.”

The backyard is spacious but needs serious attention. Source: Paul Fosh Auctions

At least the home comes with river views. Source: Paul Fosh Auctions

More rubble. Source: Paul Fosh Auctions

Mr Roper said demand could be high for a refurbished property like this is marketed to young professionals and local workers – with the potential for £900 (AU$1872) per month in rent.

Another option would be to do it up and sell it for up to an estimated £185,000 (AU$384,819) or sell the garden space.

“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,” Mr Roper said.

The post Derelict seaside cottage to be auctioned for $2 appeared first on realestate.com.au.