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Penzance is a popular spot with holidaymakers (Picture: Getty Images) A rare property auction is set to take place in the coastal town of Penzance, Cornwall, where a two-bedroom flat is being offered for just £1. The property requires extensive refurbishment, but presents a notable prospect for buyers interested in investing in Cornwall’s thriving holiday rental market. Sean Roper, representing South Wales-based Paul Fosh Auctions, detailed the condition and potential of the property. According to Cornwall Live, he explained that while the flat needs substantial modernisation, it could be transformed into an attractive home or holiday let accommodation following refurbishments. ‘Once refurbished and fully furnished a new owner could holiday let the property on sites such as Airbnb or booking.com as thousands of tourists from across the world visit Cornwall and the historic town of Penzance each year.’ Emphasising the financial upside, Roper estimated that once renovated and properly furnished, the flat could generate around £32,000 annually by operating as a short-term rental, capitalising on Cornwall’s continued popularity as a tourist destination. The flat needs modernising before it’s ready to be lived in (Picture: Paul Fosh Auctions) But it could generate an income of £32,000 annually (Picture: Paul Fosh Auctions) Penzance is known for its vibrant and diverse community, enriched by independent shops, cafes, and art galleries contributing to the town’s cultural appeal. The town also hosts the internationally recognised Golowan Festival, a traditional midsummer event celebrating St John, Penzance’s patron saint. The festival attracts thousands of visitors each year, enhancing the town’s profile as a tourism hotspot. Currently, initiatives are underway to establish a permanent venue for the festival, highlighting its cultural and economic importance to the local area. The auction, managed by Paul Fosh Auctions, will open at noon on 11 November and close at 5pm on 13 November, and prospective buyers can participate entirely online. Fully refurbished flats in Penzance can make £2,000 a week (Picture: Paul Fosh Auctions) But it’s not the only flat to hit the market for just £1 (Picture: Paul Fosh Auctions) The auction catalogue also includes an array of other properties across Cornwall, ranging from smaller lock-ups to coastal homes, offering a variety of investment opportunities beyond the £1 flat. On a different listing, Paul Fosh Auctions detail that fully refurbished flats in Penzance can demand peak weekly holiday rental rates between £1,800 and £2,000. This suggests a significant return on investment, though interested buyers should be mindful of the considerable renovation costs and time commitments required. And it’s not the only property to hit the market for just £1 recently. A one-bedroom apartment in Washington, Tyne and Wear, has attracted attention as it is currently up for auction for the same price. Similarly to the Penzance property, it is being described as an excellent investment opportunity, with the property located in a popular area close to The Washington Galleries, offering convenient access to local shops, amenities, and travel links to both Sunderland and Newcastle city centres. For those unfamiliar with the process, online property auctions operate differently from traditional ones. Platforms like Rightmove and others provide guidance that highlights the initial £1 or similarly low opening bids as a way to start the bidding process rather than the final sale price. Potential buyers register and place bids within a set timeframe; if they win, they typically must pay a reservation fee and sign a reservation agreement that secures the property. Nonetheless, with Cornwall’s expanding demand for holiday lets, Penzance’s dynamic business environment, and its rich cultural offerings, the flat presents a compelling option for investors or homebuyers seeking a foothold in one of the region’s most desirable towns. Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.
