A unique opportunity has emerged for property investors and ambitious renovators in Birmingham, as a two-bedroom house hits the auction block with a startling guide price of just £1.
A Property Project at a Peppercorn Price
The pre-Second World War home, located at 7 Mossvale Grove in Saltley, is a semi-detached property that comes with a significant caveat: it requires a complete overhaul from top to bottom. While the initial cost is minimal, prospective buyers will need substantial savings to fund the extensive refurbishment needed to bring the house up to a liveable standard.
The vacant leasehold property is due to be sold at auction next month. According to Gurpreet Bassi, chief executive of auctioneers Bond Wolfe, the lease has more than ten years unexpired on its original 99-year term, which began in March 1937.
Investment Potential Amidst Major Renovation
Gurpreet Bassi commented on the unusual listing, stating, "We rarely market properties with a guide price of this nature; however, it accurately reflects the level of work required to bring the home to its full potential." He further explained that despite the property's condition, there is typically a strong market for such opportunities.
"Our experience is there is a strong market for such properties, as with investment this could make a good return, for example with a landlord wanting to expand their portfolio," Mr. Bassi added. "With that in mind, we are expecting competitive bidding for this property at our auction."
Inside the £1 Birmingham Home
The property is set back from the road behind a front garden and features an outbuilding and a shed in the back garden. The internal layout includes:
- A porch, hall, reception room, kitchen, and a shower room with a toilet on the ground floor.
- Upstairs, a landing leads to two bedrooms, a box room, and a bathroom.
Mr Bassi confirmed that viewings will be conducted on a block viewing basis, with times and dates available from Thursday, November 20. He also noted that offers in excess of the guide price may be considered before the auction takes place.
The Birmingham property will be one of many lots featured in Bond Wolfe’s next auction, scheduled to start at 8.30am on Wednesday, December 10. The auction will be livestreamed, and remote bidding will be available via proxy, telephone, or the internet.
For more information or to register to bid, interested parties can visit the Bond Wolfe website, email auctions@bondwolfe.com, or call 0121 312 1212 or 01902 928 510.
