Inside abandoned wreck of a home on posh street that is still worth £365,000

News

An abandoned shell of a house on one of Wales’ ‘poshest streets’ is set to go for auction with a price tag of £325,000.

But auctioneers have warned that potential buyers will need to ‘rebuild the entire property’ given the condition of the house and start from scratch.

This house on Westbourne Road in Penarth has been battered by the elements, so much so that a significant portion of the front facade has fallen off, reports WalesOnline.

All the windows are rotten, some don’t even have glass in them and working guttering and downpipes are external features of distant memory.

The house is going to online auction on February 10 with Auction House South Wales.

It is situated in a high-value area which saw one house sold in 2015 for £775,000, and auctioneers believe that the resale value for the wreck could be as high as £900,000 given enough investment.

Auctioneer Marc Morrish said: “Stepping inside is pretty much fear of the unknown.

“Once inside it is pretty much a time warp; old furniture is present along with clothing hung up inside which include old sheepskin coats and other retro looking items.

“The elements have really got to the condition of the property and certain sections at the front of the house have had to be propped up.

“The house has a lot of pigeon guano present from an infestation and part of the top floor no longer has a roof present.

“You are basically starting from scratch and almost rebuilding the entire property.”

Marc said that the person most likely to buy this property would be a professional developer or a builder who would have experience of taking on a project this extreme.

The buyer will have to be a cash buyer too as the condition of the house means getting a mortgage will not be possible.

Marc added: “The purchaser will need cash to purchase the property as the property is leasehold with less than 30 years remaining on the lease.

“Therefore negotiations would need to be carried out with regard to purchasing the freehold.”

But all is definitely not lost for this run-down home on a high-end street.

The auction house estimates the outlay to renovate, as well as acquiring the freehold, would be in excess of £300,000.

According to property portal Zoopla a similar property on the street close to this house sold in 2015 for £775,000.

Based on sales data and the continuing rise in popularity for substantial period properties in this pretty Vale of Glamorgan town, Marc estimates the resale value for the wreck could be as high as £900,000, if the house is renovated to a luxury standard complete with high-end interior design.

Marc added: “Being a Penarth resident born and bred, I’ve often walked past the house and thought what an opportunity it could be for somebody, but also feeling sorry for the neighbouring properties.

“I’m really looking forward to seeing the end result once a successful purchaser has put their own stamp on the house and brought it back to life.

“Once they had developed the property, it would certainly be a forever home giving its fantastic location on one of the most sought after roads within this wonderful seaside town.”