A seaside house where the next door property hit the national headlines after it collapsed into the sea – who would buy a house like this?
Well a brave buyer has today (Thurs July 11) with Tor Cottage, which had a guide price of £25,000, successfully sold at auction for £33,500.
Owner of Tor Cottage, Torquay, was quick house sale specialists House Buyer Bureau, which boasts it will buy “any residential property”.
Ridgemont House, which was just a stone’s throw from Tor Cottage near the edge of Oddicombe Cliffs, at St Marychurch, made the news after it collapsed into the sea due to a landslide.
Bidding for Tor Cottage, situated on Redcliffe Road, was fast and furious. The detached home with fantastic sea views, which in a different location would be worth £400,000, took just four minutes to sell with four people battling to buy.
House Buyer Bureau Sales Director Chris Hodgkinson said: “We are very pleased with how the auction went. We have yet to find out who has bought Tor Cottage, but the property does have potential for the right investor.”
He added: “Tor Cottage is in a wonderful location and in another part of the town could sell for many times the guide price. The property and its plot have stunning views of the Devon coastline; however it’s those sea views that have influenced the low guide price.
“There is clearly a degree of risk involved, but Tor Cottage and the land still may have potential as an investment opportunity.”
Mr Hodgkinson added: “It cannot be predicted if Mother Nature will be kind to Tor Cottage, but if ‘she’ is and Tor Cottage escapes any subsidence problems then it is possible this shrewd buyer could get a return on their investment.”
With superb balcony sea views and a cliff top position, the property went under the hammer in a Graham Penny Auctions sale.
Graham Penny Auctions had received instruction from HBB to sell the property, which under different circumstances could fetch up to £400,000. The property, which has enviable sea views, is relatively close to the cliff edge and other neighbouring properties have experienced substantial subsidence in recent years.
Tor Cottage, which is located close to the Torquay Golf Course, comprises a reception hall leading to an open plan living room and dining room, a fully fitted 27ft x 20ft kitchen, four double bedrooms, bathroom and a study.
House Buyer Bureau is one of the leading and oldest house buying firms in the UK. Its aim is to pay the best possible cash price with the minimum amount of stress in as little as seven days, or around the customer’s timescale.