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LONDON - An unprepossessing boatshed with corrugated iron roof, rickety doors - and a long-term tenant - sold for £402,000 ($1,152,644) at auction yesterday.
The 25m x 5m shed in the yachting resort of Salcombe, in Devon, was sold for almost double the guide price of £250,000, reflecting rising property prices in coastal areas.
But although the boatshed was described as "almost unique" by the auctioneer, Bob Petit, with boats having direct access to Shadycombe Creek through double timber doors, it does have a notable drawback. A Salcombe resident, whose family have used the shed to build, maintain and store boats for the past 50 years, has a long-term rental agreement on the property.
But that did not put off seven bidders, who frantically raised the price. A Devonshire yachtsman with interests in the resort outbid his rivals.
Petit said it was the most expensive boatshed he had ever sold. "There are only two or three boatsheds in Salcombe. And they come up once in a blue moon."
Over the past three years, more than half of British coastal towns have seen a 50 per cent rise in average property prices.
- INDEPENDENT
