An apartment block set in stunning countryside has gone up for auction, and the asking price is just 10p per flat.
The 10 one bedroom apartments that make up the block called Yr Hafan – meaning ‘haven’ in Welsh – are available to buy at a starting price of £1 for the lot.
The auctioneer selling the properties insists that the flats on Cuckoo Street in Pany Y Gog, South Wales could genuinely be bought for that tiny sum, without a catch.
Auctioneer Marc Morrish told The Metro, “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.”
Starting price of £1 for block of flats
The bargain flats have been put up for sale by a housing association. The association wants to make sure the flats sell, which is the reason for the asking price, Mr Morrish explained.
The price is so low because they need “cosmetic” work done on them to make them suitable for renting. The block has been vandalised in the past, but the site is now secure.
However, experts have said that once complete, the units could fetch £250 a week in rent.
Mr Morrish explained that all the flats have “fairly recent” central heating systems, double glazing and that the electrics should all be in order as the housing association has been required to keep them that way.
It would be the responsibility of the buyer to make sure this was the case.
Buyer would need to develop the flats
The kitchens and the bathrooms in each of the flats are in various states, with some having been fitted more recently than others.
Mr Morrish, of Seel and Co, said that he expected the buyer to be a builder or a property developer as the block of flats is a big project.
He added, “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.”
This article originally appeared on our sister site, Yorkshire Evening Post