When this freehold mid-terrace property in Stoke, Plymouth came to auction, it presented an exciting opportunity for buyers looking to unlock its potential.
Offered in Auction House South West's October livestream auction last year with a guide price of £90,000, competitive bidding saw the property sell for £120,000.
The three-storey property offered generous accommodation, including a sitting room and dining room on the ground floor, a kitchen/diner and basement on the lower ground floor, and two bedrooms with a bathroom on the first floor. Outside, an enclosed rear courtyard with double doors provided valuable off-road parking.
For the successful purchaser, however, the property's appeal lay not in what it was, but in what it could become.
This was not the buyer's first experience with Auction House South West. Having previously purchased a property through our March 2024 auction, he was already familiar with the auction process and the opportunities it can present.
"The buying process is so simple and straightforward," he explains. "I've recently recommended Auction House South West to a friend who has been out of the property game for a few years. Any questions I had were answered quickly by the team, and the whole process was very easy."
Having secured the property, the buyer embarked on a comprehensive refurbishment programme. With a background in construction and an experienced team of tradespeople behind him, his approach is thorough from the outset.
"We fully gut the house back to brick and stonework and rebuild," he says. "My strategy is not to leave any stone unturned."
The renovation included a full rewire and replumbing, extensive insulation upgrades, plastering throughout, new floor coverings, replacement windows and doors, roof works, external decoration, and the installation of a stylish new kitchen and bathroom. The aim was not simply to modernise the property, but to bring it up to and beyond today's standards while reducing future maintenance requirements.
Although the property was purchased at auction late last year, existing project commitments meant work did not begin until mid-January. Once underway, however, the transformation progressed rapidly. Leveraging his in-house team of electricians, plumbers and builders, the project was completed in approximately 14 weeks from the start of construction to handover.
The finished result bears little resemblance to the property that first appeared in the auction catalogue. The home has been completely refurbished throughout, creating a high-quality, energy-efficient living space ready for its next chapter.
That next chapter is particularly rewarding. Following completion of the refurbishment, the property will be leased to P.A.T.H, the Plymouth-based homelessness charity that helps people find and maintain safe, stable housing. Coincidentally, the buyer's first Auction House South West purchase is also leased to the charity, meaning both projects are now helping to provide much-needed accommodation within the local community.
For those considering a similar restoration project, the buyer offers some practical advice.
"Make sure you have a good team of trades behind you and get your figures worked out before auction day so you know exactly how much you're willing to pay. Also, always have a contingency fund. There's always something unexpected with these types of projects, and it's much better to have a reserve ready so the work can continue without delays."
This Stoke property is a perfect example of how auction purchases can unlock value, transform neglected homes and create positive outcomes for local communities. Through vision, experience and careful planning, a property purchased through Auction House South West has been given a new lease of life and will soon provide safe, high-quality housing for those who need it most.
If this auction success story inspires you, get in touch with the Auction House South West team today to start your own property journey. Sign up now to receive the latest updates on South West properties and be added to our exclusive catalogue list via our website.
