A Victorian terraced house has gone on the market for £25,000 in the Sydenham area of East Belfast.
The three-storey property on Connsbrook Avenue features four bedrooms, however is in need of extensive renovation.
This terrace house is one of the cheapest houses in the city. A dwelling in nearby Parkgate, that was also in need of renovation, was priced at £25,000 and eventually sold for three times that amount. It is currently undergoing a revamp.
Cary Laughlin from O’Connor Kennedy Turtle Commercial Property Consultants highlighted that this building has been empty for many years.
He said: “It has just come on to the market and there has been a lot of interest, which was part of the plan and the reason we put it up at that price, to gather in a lot of interest, to get a bit of a bidding war going, which has already commenced.
“We have had a few offers and we are at £30,000 at the moment.
“When we took it on board it was vacant and derelict.
“It had been broken into but we have it secured now. When we got it, it was in bad repair.”
When asked what sort of customer he imagined expressing interest in this property, he said: “anyone that is looking for a good investment.”
“I do reckon it will get close to £40,000. It is up to the buyer what they want to do with it.
“We are recommending refurbishment, but if you want to turn it into apartments it would be a bit trickier.
“East Belfast is a good market. Anything that comes on to the market gets snapped up relatively quickly.”
Fellow estate agent Alan McKinstry, who is also dealing with the dwelling, stated: “It is a perfect opportunity for someone who has a bit of cash round them to go in, tidy it up and then potentially sell it on or lease it out to someone.”
An application to demolish the property and construct three apartments was given approval in December 2008 but the construction never commenced. This planning permission has now expired.
This terrace house consists of two reception rooms, a kitchen, a bathroom, four bedrooms and a private rear garden.
Another property at a bargain price in the Sydenham area is on the market for £69,950. This house is located on Kyle Street and is a two-bed terrace.