What it is: Set in a sheltered spot in the loop of the River Coquet, Walk Mill is a collection of ruined buildings in 10 acres, untouched for more than 50 years.
Dating back to the 18th century, the traditional stone buildings now have detailed planning permission to be converted into a five-bedroom house with three bathrooms (one en-suite), two reception rooms and a garage.
Just south of the pretty cobbled town of Alnwick, Walk Mill is five miles from the nearest train station in Alnmouth, a 10-minute drive to Warkworth and the coast, and 35 minutes to Newcastle.
The problems: Currently a jumble of grass-covered stones open to the elements, Walk Mill is an expensive self-build project. All the services — water, electricity and private drainage — will be installed by the vendor, but the new owner will still face a bill of an estimated £150,000 to convert the remains back into a family home. It needs to be rebuilt using materials in keeping with the original stone and slate building, and the 4,000sq ft home must then be damp-proofed, wired, plumbed and decorated.
The 10 acres of pasture also need maintaining. The new owner could invest in a flock of sheep or let the land for a nominal sum to a local farmer.
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The advantages: If you tried to gain planning permission now it would no longer be granted, according to the owner and the agent. Permission was given before the government’s recent clampdown on greenfield development, especially in rural locations. Two barns, also out in the countryside in the Coquet valley, with planning permission to convert to residential use, sold earlier this summer for 60% above the guide price.
The selling agent reports a “very strong” market, with a 20% to 40% increase in property prices over the past 12 months. Prices for a large family house, even with just a few acres, in the Newcastle commuter belt start at £550,000, and once complete, the agent estimates that Walk Mill could sell on from upwards of £650,000.
Smiths Gore, 01434 632 001, www.smithsgore.co.uk