You can own a £640,000 Grade II flat in picturesque seaside town for just £1
A £640,000 Grade II flat in a picturesque seaside town could be yours for just £1.
Cornwall Council has confirmed 11 seafront properties are available for the miserly sum to ensure affordable homes remain in the town centre of Looe.
The properties have been released to a community land trust after the costs to maintain the building were deemed too expensive.
The flats run along the East Looe River, which feeds into the English Channel.
It comes after a review in 2021 determined that refurbishing the building, known as the Coastguard Flats, was financially unviable for the council.
Instead, Three Seas Community Land Trust offered to undertake £1million of refurbishment works via grants.
Local councillors say the deal means Looe will retain affordable housing, the BBC reports.
It comes as property prices in the seaside town have spiralled in recent years, with one man opting to renovate his van rather than forking out for a house.
Cornwall Council’s Cabinet gave the green light to release the flats this week.
Deputy leader David Harris said allowing the flats to go to open market would have likely led to the loss of affordable housing provision.
Cllr Ollie Munk, the portfolio holder for housing, also said the deal “keeps affordable housing right in the heart of the Looe community” rather than “three or four miles away from the town centre”.
The area is a honeypot for holidaymakers, with locals having to put up with thousands of visitors during the summer months.
The average house price in Looe over the last year was just over £340,000, according to Rightmove – around £50,000 above the UK average.