A flat branded the "cheapest" in Edinburgh has sold at autction for two-and-a-half times its marked price. The buyer managed to snap up the one-bed home on Balfour Street for £74,000 – but, as ever, there's a catch or two to the deal secured by the lucky buyer.
Average house prices in the capital are somewhere in the region of £300,000 - ten times the original £30,000 asking price of the humble abode, according to Rightmove. The city is also one of the most expensive in the UK in which to buy a home, reports Edinburgh Live.
While the flat, which is just a short distance from Leith Walk and 20 minutes from the city centre, is cheap, it also wasn't eligible for a mortgage, meaning only serious cash buyers were considered. And as photos suggest, the property is in dire need of some TLC – and the bathroom is across the hall from the apartment itself.
Auction House Scotland, which marketed the flat ahead of its auction on Thursday, says in its online listing: "Top floor one bedroom flat requiring full refurbishment offering an excellent opportunity to develop, located just off of Edinburgh's Leith Walk, well located for amenities and access to Edinburgh city centre.
"The flat offers basic accommodation and will appeal to landlords/developers with a creative eye for improvement. A security controlled entrance hall leads to each of the flats in the block.
"A small entrance hall opens to a bedroom, and an open plan lounge/kitchen. The shower room/toilet is located outside the flat (see title deeds for full details), just a few steps across the communal hallway. The flat requires a full refurbishment and is priced competitively to sell. The flat is presently non mortgageable so must be sold to a cash buyer."
Pics from the listing suggest the flat hasn't been decorated for some time, with wallpaper that wouldn't look out of place in the 1970s. The bathroom is also full of rubbish that will need shifting before you can make use of the facilities.
However, the investment could pay off for the right person willing to put in the graft to fix it up and have a cosy living space a stone's throw from the capital's many amenities. Rightmove says the area is home to "a variety of shops close by, craft bars, artisan coffee bars and a choice of well renowned restaurants".
The flat went under the hammer and ultimately sold for £74,000, with the buyer paying upfront in cash. Mandi Cooper, managing director of Auction House Scotland, said of the sale: “As could be expected at its bargain price and fantastic location just off of Leith Walk, this Balfour Street flat received an outstanding amount of interest leading up to our January 26 auction, which translated into several registered bidders on the day.
"Following lots of edge-of-your-seat competitive bidding, it was snapped up by the winning bidder for more than double its guide price. Although in need of a full renovation, the flat’s convenient position between Leith and Edinburgh offers a great investment opportunity for the new owner whether they choose to live in the property themselves, or rent it out as a home or holiday let.
"This Balfour Street flat was just one of the properties that sold well above its guide price at our January auction, contributing to our fantastic 93 per cent sold success rate and over £3.4m raised for our sellers. We’re now looking forward to our next auction on March 23 and are currently inviting free entries for this sale.”
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