On the market for £25,000... derelict Belfast home ripe for restoration to its Victorian glory
A Victorian terraced house in the Sydenham area of east Belfast has gone on sale for just £25,000.
The three-storey on Connsbrook Avenue, close to the Holywood Road, boasts four bedrooms, but needs extensive renovation.
It is one of the cheapest houses on offer in the city. A dwelling in a similar state on nearby Parkgate Avenue also priced at £25,000 eventually sold for three times that amount, and is currently undergoing a facelift.
Estate agent Cary Laughlin from O'Connor Kennedy Turtle Commercial Property Consultants said the building had been vacant and derelict for a number of 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. There is going to be an open viewing for the property next Thursday.
"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."
Asked what sort of customer he envisaged being interested in the house, 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 property, said: "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 house and build three apartments was given approval in December 2008 but the work was never begun. The planning permission has now expired.
The end terrace three-storey property has two reception rooms, a kitchen, four bedrooms, a bathroom and a private rear yard.
The next cheapest house on the market in the Sydenham area is a two-bed terrace on Kyle Street, which is currently on the market for £69,950.
Another basement buy in Belfast is a two-bedroom terrace house on Parkmount Street with an initial asking price of £32,000. It will go to auction at the Stormont Hotel this Tuesday.