A Terraced House in Wales Goes to Auction with Zero Reserve Price
When a property goes to auction with a zero reserve price, it essentially means that it is on the market for £0 until someone places a bid. However, in most cases, if the property does receive bids, it is likely to be a renovation project. But what happens when the building not only requires renovation but also comes complete with fire damage, tired interiors, and structural updates? This extreme renovation project is suitable only for the experienced.
Such is the case with a terraced house in New Tredegar, Wales, which is set to go to auction with a reserve price of absolutely nothing and a non-existent guide price. According to WalesOnline, this property could potentially be sold for the same price as a bag of crisps, a pair of shoes, or even a second-hand car.
Extreme Renovation Project with Fire Damage
Despite its challenges, this terraced house in New Tredegar is expected to attract more attention than one might anticipate when it goes to online auction. The property has suffered significant fire damage, leaving its upper floors caved in and rubble strewn throughout. The interior is in a sorry state, with old furniture awaiting whoever dares to step inside.
The auction house handling this unique property describes it as being in a sorry state of repair due to the fire damage. As a result, the auction guide price is listed as £nil. However, despite its current condition, the property offers tremendous potential for redevelopment into a spacious family home, apartments, or a house of multiple occupancy (HMO) for a builder or experienced property developer, subject to planning consent.
Potential for Redevelopment and Investment
Sean Roper from Paul Fosh Auctions highlights the potential of this terraced house, stating that it is located in the village of New Tredegar with sweeping valley views. The village boasts a range of amenities and shops and is conveniently situated for access to nearby towns such as Bargoed and Blackwood. Additionally, the property offers easy commutability to major cities such as Newport, Cardiff, Merthyr Tydfil, Aberdare, and Abergavenny via the main A roads or public transportation.
The property also provides easy access to the stunning Bannau Brycheiniog National Park, offering residents the opportunity to immerse themselves in nature’s beauty just a short drive away. Despite its current condition, the terraced house still offers three rooms on the ground floor, four rooms on the first floor, and three to four rooms on the lower ground floor with a bathroom area. The property also features a rear garden with lane access.
Online Auction Details
The terraced house in New Tredegar will be sold online by Paul Fosh Auctions, with bidding starting at noon on Tuesday, October 1, and closing at 5 pm on Thursday, October 3. With a reserve price of £nil, the property could potentially be sold at auction for just a few hundred pounds, depending on the level of interest and a developer’s willingness to take on the challenge.
In conclusion, despite its current state of disrepair and fire damage, this terraced house in New Tredegar offers a unique opportunity for renovation and redevelopment. With its attractive location, potential for multiple uses, and affordable price point, it could be a worthwhile investment for the right buyer.