A three-bedroom house overlooking the Kent Coast sold for more than double its asking price at auction – despite the need for major renovations.
The End Terrace property in a desirable area near beautiful Ramsgate Harbor was valued at £ 110,000, about a third of the average asking price of houses on neighboring Albert Street.
But yesterday it was bought for £ 245,000 by a mystery shopper.
Located in a conservation area at the corner of Adelaide Gardens and set over four floors, the house dates from the 1830s and even has Grade II listed status.
Auction appraiser Jon Rimmer had admitted the property was in need of a “complete makeover” but insisted “it will be worth it”.
“It is close to the Royal Ramsgate Marina and the city center and is very spacious inside,” he added.
But it is after entering these rooms that the harsh reality of the gigantic task of renovation to come becomes all too clear.
A video tour of the property posted by auctioneers Clive Emson reveals a house that appears to have been untouched in years.
Yet the house was in fact occupied until 2020, when the previous owner, who did not have the funds to carry out repair work, sadly passed away.
Retro posters can be seen on the walls featuring Princess Diana, Elvis Presley, the X Files and the pop group Steps, as well as Teletubbies stickers.
There’s a TV with built-in VHS and DVD players, while various newspaper clippings are stuck around the house – including a 2007 Sun front page.
Just inside the front door, unread flyers and letters are strewn across the floor, as wallpaper peels off the hallway ceiling.
Some rooms remain cluttered with personal belongings, including teddy bears.
The building was once used as both a home and a store, according to Historic England.
It became one of the first Thanet District Council condominiums in the 1980s.
According to a report presented to the Authority’s Cabinet in June, the council became the sole owner of the house last year when the owner passed away.
“The property is in poor condition as the previous owner did not have the financial capacity to carry out the work,” he said.
The document says essential work is needed on the roof, which would cost between £ 19,000 and £ 32,000.
He added that if the property was fully renovated its value would rise to £ 260,000.
Watch the full video tour of 18 Albert Street
But council officials estimated such a renovation would cost around £ 180,000.
Cllr Tricia Austin told KentOnline earlier this month that she advocated for the council to keep the property for use by the community.
She said the “beautiful building” could have been turned into a tea room or have turned the upstairs into an AirBnb.
Cllr Austin said residents objected to the property being auctioned over concerns about “land banks.”
“We have had so many buildings and so much land bought by developers who then sit on them as they rise in value,” she added.
Despite concerns raised, TDC’s cabinet decided that the property should be auctioned off.
It went under the hammer with a guide price of £ 110 to £ 120,000 on Wednesday – and sold for £ 245,000.
Mr Rimmer added: “The bidders were really excited about this offer and the price paid reflected the high level of interest.
See www.cliveemson.co.uk for more details.
Read more: All the news of Thanet
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