October 6th 2024.
Are you tired of trying to climb the property ladder? Well, we have some exciting news for you. For just £360,000, you could become the proud owner of a quarter of a street! In a city like London, where the average house price is a staggering £692,832, owning a home may seem like an impossible dream. But, if you head up north to Carlisle, you can snag seven properties for half the price of one in the capital.
These homes, located in Cumbria, are in need of some modernization according to the listing. But don't let that discourage you, as they present a fantastic investment opportunity. And for those who don't mind getting their hands dirty, they also make for a perfect doer-upper project.
However, it's not as simple as putting in an offer. The sale of these properties is being overseen by Auction House Cumbria through a private auction. The homes are being offered as three separate lots initially, but there is also an option for a combined sale. The first lot includes numbers 4, 6, 7, 8, and 9 Garden Street, while the other two lots consist of 5 Garden Street and 3 Garden Street.
If you and your family want to live close to each other, this is the perfect opportunity. You could all reside on the same street, just a doorstep away from each other. And for those with the necessary permissions and know-how, there is even the possibility of turning these properties into two large houses.
The price breakdown for these homes is as follows: number 5 is listed at £50,000, and number 3 has a guide price of £60,000. But keep in mind, there will also be an additional buyer's premium of £1,200 and £1,200 in admin fees. The five-house lot, which includes numbers 4, 6, 7, 8, and 9, is priced at £250,000, with an additional buyer's premium of £1,200 and £6,000 worth of admin fees including VAT.
Considering that properties on Garden Street sold for an average of £71,200 in the last year, this seems like a fantastic deal. However, it's important to note that this is a 38% decrease from the previous year and a 43% decrease from the peak price of £125,000 in 2016. So, if you're thinking about making this investment, you'll have to act fast. The auction is scheduled for October 24, and time is running out.
Now, let's talk about the location. As they say, location is everything when it comes to real estate. And Garden Street is in a prime spot, right next to Carlisle station and just a short walk from the city centre. For history buffs, Carlisle offers plenty to explore, including the stunning Carlisle Cathedral, which has a rich history of 900 years and features a treasury exhibition and monastic gardens.
For nature lovers, there's Britts Park, where you can take a leisurely stroll along the Rivers Eden and Caldew. Some of the paths here date back to 1818, and you'll also find landmarks like the Queen Victoria Monument, built in 1902, just a year after her passing. And if you enjoy a good pint, you won't want to miss the West Walls Brewing Co., which is Cumbria's first city-centre microbrewery, serving up delicious pale ales and rich stouts.
Carlisle itself is a city with a rich history spanning over 2,000 years. It also boasts two areas of outstanding natural beauty and one world heritage site - Hadrian's Wall. So, if you're looking to kickstart your property portfolio, this is an excellent place to start.
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