Edinburgh property: Cheapest flat in Edinburgh sells at auction for more than double asking price

A ‘run-down’ one-bedroom flat in Leith listed as the cheapest in the city has sold for £136,000 – more than double the guide price.

The top floor flat at 164 Great Junction Street which is in need of major renovation work went to auction on September 13 at a guide price of £59,500. According to the online property portal Rightmove, it was the cheapest property listed in Edinburgh.

Situated on the third floor of a traditional tenement block the flat comprises an entrance hall, open plan lounge with kitchen, bathroom and one bedroom. The flat was listed by property auctioneers Auction House Scotland as needing substantial renovation but representing ‘an exciting opportunity for property developers’.

Mandi Cooper, Managing Director of Auction House Scotland, commented: “Despite needing a lot of work, the property has a huge amount of potential which the bidders obviously saw. Competitive bidding in the room drove the price up and we achieved a great result for the seller. It’s always great to see run-down properties get a new lease of life and I can’t wait to see what it looks like once renovated.”

The listing read: “Being sold by property auctioneers, Auction House Scotland, the top floor flat at 164 Great Junction Street is situated in Leith, a vibrant town just two miles South West of Edinburgh city centre. The flat needs a full program of refurbishment works but unveils a promising opportunity to add substantial value.

"The charismatic and hugely popular district of Leith offers a wide range of local amenities, including bars, cafes, and restaurants, many of which are within walking distance of the flat itself. With two bus stops on its doorstep and just a 6-minute walk from the tram stop that provides direct access to Edinburgh City Centre, the location of this apartment is truly ideal.”

When the flat went under the hammer, Auction House Scotland said: “This apartment is ideal for those who aren’t afraid of getting stuck into a renovation project. The property has a huge amount of potential - other one-bedroom flats on the street have sold for upwards of £169k, whilst other flats in Leith are currently renting for around £900 per calendar month.”