A Grade II listed council property in Ramsgate has sold at auction for £245,000 – well above the freehold guide price of £110-120,000.
The three-bed house in Albert Street needs complete refurbishment with a video from inside the building showing rooms still piled with belongings from the former owner, damp and disrepair.
Since the 1980s 18 Albert Street was a shared ownership property, one of Thanet District’s Council’s first. The property is within a conservation area.
In 2020 the leaseholder passed away and Thanet District Council bought the leaseholders’ shares. A report to Cabinet members in June said the previous owner did not have the financial capacity to carry out any works.
Thanet District Council became the sole owner of the vacant, three bedroom, four floor townhouse. The report said essential roof repairs would cost between £19k to £32k.
An independent valuation of the property in its current condition valued it at £115,000. If the essential roofing repairs were carried out, the value would increase to £140,000 and if the property was completely refurbished, the value would increase to £260,000.
During the council meeting, where a decision to sell the property was approved, Green councillor Tricia Austin requested a stay of six, or even three, months to look at options of retaining and refurbishing the site because of its listed status and close proximity to Addington Street, an area she described as ‘becoming Ramsgate’s Old Town” with potential for cultural facilities.
She added: “We (ward councillors) think something could be made of the building as a community and cultural asset.”
Cllr Austin suggested the property, if refurbished, could be a tourist attraction and generate income. She also raised concerns that it could be landbanked.
However, the delay was not granted and the site went for auction with Clive Emson.
Jon Rimmer, auction appraiser, said: “
“This property needs complete refurbishment but it will be well worth the effort. It has four floors and sea views.
“It is close to Ramsgate’s Royal Marina and town centre and is very roomy inside.
“Bidders were really enthused by this offering and the price paid reflected the high level of interest.”
Visit https://www.cliveemson.co.uk for more properties.