A former shop in a former mining village in the borough of Newcastle-under-Lyme, Staffordshire, which has been converted into a studio apartment with a separate mezzanine bedroom, is set to be sold under the hammer at a guide price of just £10,000.
The well-presented property in Chesterton, which features open plan living with a lounge and kitchen area, is likely to appeal to a range of property investors, especially buy-to-let landlords.
“The property will very much appeal to investors,” said Tom Williams, managing director of Findahome estate agents, which is marketing the property for sale.
Williams estimates that that the property, which will be sold at an auction to be held at Port Vale Football Club in Stoke-on-Tent on 23 May, would achieve a rental income of between £325 and 350 per calendar month.
“The apartment is truly unique in that area,” he added. “The majority of properties [in the local area] are traditional terrace houses.”
Findahome opted to sell the property at auction because it is ‘unusual’, but also because there is no building regulation for the bedroom.
“This of course means a lower price, hence the low guide price,” Williams concluded.