Property: £1m mansion in sought-after area up for grabs for bargain £550k – but it comes with a ‘huge catch’
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A £1million mansion is up for grabs for just £550,000 – but potential buyers should be aware that the property comes with a huge catch. The impressive seven-bedroomed abode on posh Portia Avenue in Shirley, West Midlands, is only half finished so the new owner will need to get their hands dirty.
The huge detached house will boast a vaulted entrance hall, seven bedrooms, five bathrooms and a massive 46ft (14m) long open plan living room when complete. The kitchen diner will also open up to the vast garden at the rear which is surrounded by large trees offering complete privacy.
The corner-plot house was sold in July 2020 for £465,000 with the buyer securing planning permission to turn it into a luxury family home. But despite building work starting in 2021, the project has stalled leaving the plot resembling a building site.
It is now being auctioned with a guide price of £550,000 – almost half the value when the mansion is finally finished. It is going under the hammer at SDL Property Auctions on July 27 and could spark a bidding war.
The listing says: “It offers a superb opportunity to create your own dream home or complete the works and sell on. Our seller has been advised by local estate agents that once the property has been completed it will command a price in excess of £1,000,000.”
Once finally completed, the house will be the most expensive on the street where property prices average £650,000. Residents say they can’t wait to see the project finished, describing it as looking like a “bomb site”.
One said: “I remember when the house was first being built, everyone around here was looking forward to seeing the finished result. I think the person must have run out of money or just ditched the project and it’s been left like a bomb site for months.
“We can’t wait to see it finished. It’ll be worth a fortune when it is finally built.”