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Own EIGHT homes for the price of one bedroom London flat: Row of terraced cottages built for textile mill workers in Bolton go on sale for total of £450,000


Written by: Edward Feather on 15th October 2021

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Own EIGHT homes for the price of one bedroom London flat: Row of terraced cottages built for textile mill workers in Bolton go on sale for total of £450,000

One street in Bolton has listed eight cottages for sale all for the same price of a one-bedroom apartment in London.

The properties in Lancashire are on the market for a grand total of £450,000 which is the same cost as moving to a much smaller property in the capital. 

Originally built to house workers from Nelson Mill in Bolton, just yards up the road, the cottages are being sold for between £40,000 to £60,000 each - and some have back gardens. 

Meanwhile, 200 miles south in the capital, a modest one-bedroom apartment in Fulham is on sale for the same price as the entire row of cottages. 

Six of the cottages have two bedrooms and the other two only have a single bedroom. One of the properties is in need of a total refurbishment, while the others are in a 'habitable condition' but need 'sprucing up'.

However, a twist in the sales conditions means the reserve of all eight of the cottages - between £40k and £60k - must be met. If all but one aren't met then none of the cottages will be sold. 

Edward Feather, associate director of Pugh Auction, said: 'Seven of the cottages are habitable but all of them need updating and one of them (lot 70) needs total refurbishment.'

In 1861 Nelson Mill's first building was built and within 10 years it built a second. By 1891 it was operating 83,000 spindle.

Just over 90 years since it built its first factory the mill was closed as a cotton mill in 1952 and the second mill was knocked down in the 1960s.

In 1985 it was taken over by Hargreaves and Hamilton, who are still at the site today and offer nationwide machining support for commercial installations. 

The bargain properties up for grabs have been described as perfect for investors or first-time buyers who want to get on the property ladder and start from scratch.

With a minimalist decor, buyers are being encouraged to create their dream home from the get-go.

'The row of cottages is close to Chorley Old Road which is a busy residential area with shop and lots of facilities,' Mr Feather added.  

Buyers who are looking for a suitable family home are in luck with Gaskell Community Primary School, which was recently rated Good by Ofsted, directly opposite the properties, and Thomasson Park nearby for the children. 

An online auction opens for bids on Tuesday, October 19, and closes the following day, with potential bidders being advised to stay in the north and use any remaining money you'd save on renovating their new home. 

Mr Feather added: 'While the eight cottages are being offered individually, it’s a condition of sale that all eight properties need to meet their individual reserves for sales of any of the properties to take place.

'If any of the eight properties do not meet their reserve then none of the properties will be sold, regardless of whether their reserves have been met or not.

'The reserve prices range from £40,000 to £60,000 and the total guide price for all eight properties is £450,000.'



Written by: Edward Feather on 15th October 2021

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