Edinburgh's 'cheapest flat' sold at auction for more than double the asking price

A Leith flat in need of a total makeover before anyone could call it their home has been sold at an auction for more than double its original asking price.

The one-bedroom Balfour Street flat in Edinburgh was added on the Rightmove property website back on January 17, with a guided price of £30,000, and has since been auctioned away for £74,000, with the buyer paying upfront in cash.

The flat has two rooms - a bedroom and a kitchen and dining space combined in one open plan area, with the shower room and toilet facilities located outside the flat - across the communal hall.

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Now, the bizarre flat with wallpaper from sometime in the 1970s and piles of rubbish in the tiny shower room has been sold to one lucky buyer, who seems to be unafraid of extensive refurbishment works.

The shower room is outside of the flat. (Rightmove)

Mandi Cooper, managing director of Auction House Scotland, said of the sale: "As could be expected at its bargain price and a fantastic location just off of Leith Walk, this Balfour Street flat received an outstanding amount of interest leading up to our January 26 auction, which translated into several registered bidders on the day.

The bedroom is surprisingly spacious. (Rightmove)

"Following lots of edge-of-your-seat competitive bidding, it was snapped up by the winning bidder for more than double its guide price. Although in need of a full renovation, the flat's convenient position between Leith and Edinburgh offers a great investment opportunity for the new owner whether they choose to live in the property themselves or rent it out as a home or holiday let.

"This Balfour Street flat was just one of the properties that sold well above its guide price at our January auction, contributing to our fantastic 93 per cent sold success rate and over £3.4m raised for our sellers. We're now looking forward to our next auction on March 23 and are currently inviting free entries for this sale."

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