Unique Auction Opportunity: Would You Buy This House for £10?

A 3 bedroom house on Leeson Road, Isle of Wight with a starting bid of £10 following cliff collapse.

A remarkable opportunity has arisen for property buyers with an adventurous spirit, as a house on Leeson Road, Isle of Wight, is set to be sold via First For Auctions with a minimum opening bid of just £10, no guide price and no reserve. This unique property, located in an area affected by a cliff collapse on 10 December 2023, presents a rare mix of challenges and potential for the right buyer, making it an intriguing prospect in the property market.

The house is situated in Watch Zone A (identified as Property B in the latest reports) and is part of a neighbourhood currently undergoing significant recovery efforts following the landslip. The cliff collapse has not only impacted access to the property but has also affected part of the garden, which fell away during the recent cliff collapse. As stabilisation work continues, which includes the installation of boreholes to secure the road, there is currently no access to the property or the road, meaning potential bidders are unable to view the house. However, there is optimism that the road will reopen in the near future as the stabilisation progresses.

The house was undergoing renovations at the time of the landslip, and the kitchen remains unfinished, offering the new owner the opportunity to complete the space to their own specifications. In addition, the garden has been partially affected by the landslip, although there is still some outdoor space. While some structural issues have been noted, the property’s location and low entry price make it an attractive proposition for those willing to take on the necessary work.

Despite these challenges, the house represents an exciting opportunity for brave buyers who have a vision. The £10 opening bid reflects the unique circumstances of the property, but it also highlights the potential for a significant return on investment for a buyer prepared to navigate the hurdles associated with the site.

Daniel Gale, Head of Auctions at First for Auctions, commented, “This property represents an extraordinary opportunity for investors. While the cliff collapse presents challenges, the ongoing stabilisation works provide hope that the area will once again be safe and accessible.”

With cliffside properties often commanding premium prices, this auction could present a once-in-a-lifetime chance to secure a property at a fraction of its typical value. The auction will be held online on 27 September 2024, and interested parties are encouraged to register now on First for Auctions’ website.