Property investment usually takes a great deal of research, hard work and luck in order to bring about a profit. But in the case of Adam Wooler, there wasn’t much research carried out when he bought a cliff-edge shack for £6,500 just over 26 years ago. Today, however, that shack has been transformed into a £250,000 villa.
Mr Wooler bought the shack more than a quarter of a century ago, and initially lived in it for 18 months, before leaving it and doing nothing with it for the next 25 years. However, he and his wife Katherine decided to do the place up – to the tune of £100,000. That’s quite an investment, but when you discover that the building is now worth £250,000, it seems like rather a prudent one.
The agent who rents the villa out says it has enjoyed an occupancy rate of 80 to 90 per cent. And what’s more, its first resident following renovation was the pop star Duffy.
The villa commands views over Whitsand Bay in Cornwall, and can be rented out for between £1,500 and £2,900 a week. Its location 300ft above sea level, on a picturesque stretch of Cornish coast, has made the property very attractive to those seeking a unique and remote bolthole.
After receiving planning permission and obtaining funding, the property took 18 months to transform.
Such stories are no doubt inspirational to many of our property insurance customers, especially since a seemingly low value property has been transformed into a highly profitable villa.
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