£1 million mansion for sale for just £550k – but there’s a catch

A mansion worth £1 million is up for sale for just £550,000. However, prospective buyers need to note this magnificent property, located on the prestigious Portia Avenue in Shirley, West Midlands, is only half-finished, which means the new owner will need to roll up their sleeves and get their hands dirty. But for those with a vision and a knack for renovation, this could be the opportunity of a lifetime.

Once completed, this imposing detached house will boast an impressive array of features. With a grand vaulted entrance hall that sets the tone for the entire property, seven bedrooms and five bathrooms, there will be plenty of space for the whole family.

The pièce de résistance is the massive 46ft (14m) long open plan living room, perfect for entertaining guests and creating lasting memories. The kitchen diner will open up to a vast rear garden, enveloped by majestic trees that offer complete privacy.

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Originally sold in July 2020 for £465,000, the buyer obtained planning permission to transform this property into a luxurious family home.

However, despite construction work commencing in 2021, the project has hit a roadblock, leaving the plot resembling a building site.

Now, this diamond in the rough is being auctioned with a guide price of £550,000, nearly half its estimated value once the mansion is fully finished.

The auction, taking place at SDL Property Auctions on July 27, is expected to generate significant interest and possibly even spark a bidding war.

The listing highlights the incredible opportunity this property presents, stating: “It offers a superb opportunity to create your own dream home or complete the works and sell on.

Our seller has been advised by local estate agents that once the property has been completed it will command a price in excess of £1,000,000.”

Once this masterpiece is finally completed, it will undoubtedly become the most prestigious residence on the street, where property prices average around £650,000.

Excitement is building among residents who eagerly await the finished result. Some describe the current state of the property as resembling a “bomb site,” but they are optimistic about its potential.

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One resident remarked: “I remember when the house was first being built, everyone around here was looking forward to seeing the finished result.

“I think the person must have run out of money or just ditched the project and it’s been left like a bomb site for months. We can’t wait to see it finished. It’ll be worth a fortune when it is finally built.”

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