Would you pay £100,000 for that? Rundown garage in Wales sells for ‘mind-boggling’ six-figure sum after bidding war – smashing its £13,500 guide price
- A small rundown garage in Newport, Wales, has sold for a whopping £100,600
- The humble property has fetched nearly eight times its guide price of £13,500
- Semi-detached space comes with a connecting workshop two parking spaces
A rundown garage has sold for an extraordinary £100,600 – nearly eight times its guide price of £13,500 – after a bidding war.
The humble property on the outskirts of Newport, Wales, which comes with a connecting workshop and two parking spaces, attracted 245 bids which ‘flooded in from the start’ to sell at auction.
There is also a side-pathway which leads to a small overgrown courtyard and unkept garden area.
The humble property on the outskirts of Newport, Wales, which comes with a connecting workshop and two parking spaces, attracted 245 bids to sell at auction
A rundown garage has sold for an extraordinary £100,600 – nearly eight times its guide price of £13,500 – after a bidding war
Angie Davey, of Paul Fosh Auctions, said: ‘The figure realised for the property is astounding.
‘Bids flooded in from the start and remained strong until the property was eventually sold, after 245 bids from 11 bidders, for a mind-boggling £100,600, which is more than seven times the guide price of £13,500-plus.
‘We and the former owner are delighted with the result which further underlines the fact that property prices in the city of Newport are only going one way.’
There is also a side-pathway which leads to a small overgrown courtyard and unkept garden area
Ms Davey told Wales Online: ‘Subject to necessary planning consents and change of use the garage could suit a tradesperson’
The semi-detached garage can be accessed via an up-and-over door for vehicles and pedestrians may enter the space through a side door.
Ms Davey told Wales Online: ‘Subject to necessary planning consents and change of use the garage could suit a tradesperson.
‘The space, which has been cleared by the previous owner, is fitted with power and light facility however this was damaged and will need to be re-connected.’
The building is served by two car parking spaces to the front and a side pathway leading to a small rear courtyard and overgrown garden area
Angie Davey, of Paul Fosh Auctions, said: ‘The figure realised for the property is astounding’
Ms Davey added that ‘the space, which has been cleared by the previous owner, is fitted with power and light facility however this was damaged and will need to be re-connected’
It comes after another garage in Newport sold for £32,950 in February – three times its guide price of £9,000.
Sean Roper of Paul Fosh Auctions, speaking after that sale, said: ‘Interest in property in general in the Newport area is very strong.
‘The sale of this quite ordinary garage, for more than three times its guide, is an illustration that the city is a real hot spot for property buyers with almost everything that is offered for sale being snapped up at auction.’
And it’s not the first time a simple garage has fetched hundreds of thousands.
Last May a tiny garage on the exclusive Sandbanks peninsula had sold for more than £600,000 despite having no running water or electricity.
The storage unit, which measures a modest 19ft wide and 95ft long, is nestled yards from the beach in the heart of the Millionaire’s Playground in Dorset, where the likes of Harry Redknapp have previously owned property.
It was purchased by a wealthy watersports enthusiast, who beat off competition from 17 other serious bidders to secure the 1950’s built garage.
It is understood he planned to store his jet-ski and other watersports equipment in it.
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