A South Bank house which went under the hammer for £1 eventually sold for quite a bit more.
When Gazette photographer Katie Lunn arrived, she had to step carefully over missing floorboards to photograph the interior of the three-bedroom mid-terrace.
Even so, the property on South Terrace, which was set to go under the hammer for just £1 with Agents Property Auction (APA) eventually sold for £19,125.
Speaking about the property, APA’s principal auctioneer Richard Francis said, “it needs work, but it has so much potential”.
The home was described as having a spacious entrance hall, living room, kitchen and bathroom/WC to the ground floor, along with three good sized bedrooms to the first floor.
The auctioneer’s website said the house could appeal to the property developer and buy-to-let investor.
Once refurbished, they estimate the house could generate a monthly income in the region of £340–370 (£4,440 per year).
Ahead of yesterday’s auction, Mr Francis said there was a chance someone could pick up a real bargain.
“A starting price of just £1 is fantastic for a property like this,” the auctioneer said.
“We are anticipating a lot of interest in this property and we eagerly await the outcome of the auction.”
The auction took place at the Marriot Hotel, Gosforth Park, Newcastle-upon-Tyne.
Bidders, both at the hotel and over the phone, showed great interest in the cut price home.
Eventually the sale went to an unnamed telephone bidder for £19,124 above the starting bid.
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