A Liverpool city centre flat has gone on sale for just £1 with an estate agent boasting the property is a ‘high yield’ investment – as long as you’re willing to share a kitchen.
The isolated one-bedroom studio apartment might look unprepossessing, on Wright Street in Liverpool next to a junction with a busy dual carriageway.
Yet it is about to go for auction for only £1, despite neighbouring properties being marketed for up to £139,000 – with the Hong Kong-based owner ‘desperate to sell’.
Estate agents SDL Auctions have hailed the flat as a ‘high-yielding property investment’.
Yet they also point out the building has ‘shared kitchens on all floors’ – as well as communal living rooms and a laundry room in the basement.
The property was originally meant to go under the hammer on December 19 only for the auction to be delayed until the end of this month.
Other features mentioned in the ad include 24-hour CCTV, coded doors and a caretaker managing the building’s communal areas.
The so-called ‘Young Village’ property is praised as being a six-minute drive from Liverpool’s city centre – and landlords appear to be the target market.
SDL Auctions said: ‘With a potential rental of £360 per calendar month, this could be a high-yielding property investment.’
Neighbouring two-bedroom flats have sold for £40,000 in 2003 and £99,828 in 2016 – only to now be offered by property firm Zoopla for between £93,000 and £139,000.
A one-bedroom flat in the same development was bought in June 2022 for £11,000 but now has an estimated value between £30,000 and £45,000.
SDL is promoting this £1 flat with the enticement: ‘Looking to invest in the Liverpool Property market?’
It is believed the owner, based in Hong Kong, is happy with the £1 guide price to help get rid of his unwanted property.
The home is listed as an ‘en-suite pod-type room’ in a ‘great location’ offering ‘the benefits of communal living rooms with shared kitchens on all floors and a laundry room in the basement, with washing machines and dryers for your convenience’.
The ad also says: ‘There is no allocated parking with the property, but there is a good-sized car park area immediately in front of the property.’
The mooted sale comes after a one-bed apartment in Washington, Tyne and Wear, went up for grabs with a starting price of £1 before swiftly attracting four-figure bids.
A Durham property had the same initial fee – albeit with warnings the home would need improvements costing £30,000 to make it inhabitable.