A stunning mansion in Broughty Ferry, previously repurposed as a cannabis farm, is back on the auction market for the third time. The five-bedroom property on Victoria Road initially listed in April for £550,000 saw its value climb to £1.4 million but struggled to find a buyer.
Scheduled to go under the hammer once more on November 19, the guide price has now been adjusted to £600,000. Savills, the estate agents handling the sale, describe it as a “unique development opportunity” situated in a “highly sought-after area in Dundee.”
A Property with a Storied Past
The mansion’s history is as intriguing as its architecture. Originally built as a grand residence, it found a new purpose when it was converted into a cannabis farm. This unconventional use has added a layer of complexity to its sale, perhaps deterring some potential buyers.
The property boasts ample grounds, a stone-built bay front, and intricate stone-carved details that give it a distinctive character. An arched-stone porch welcomes visitors, hinting at the elegance within. Inside, the house features a luxurious indoor swimming pool, offering a touch of opulence.
Challenges in the Market
Despite its charm and unique features, the mansion has faced challenges in the real estate market. The initial low starting price did not reflect its true value, leading to its first auction without a sale. The subsequent increase to £1.4 million may have been too steep for buyers hesitant about its history as a cannabis farm.
Factors Influencing the Sale
- Historical Use: The mansion’s past as a cannabis farm might raise concerns about zoning laws and future usage.
- Market Fluctuations: Property values in Dundee have seen changes, affecting buyer interest.
- Unique Features: While the indoor pool and ornate details add appeal, they also come with higher maintenance costs.
Expert Insights on the Sale
Savills’ property experts emphasize the mansion’s potential. “This is more than just a house; it’s a canvas for someone looking to create something extraordinary,” says Emma Clarke, a senior agent at Savills. “The partly completed project offers endless possibilities for customization.”
They highlight the location as a major selling point. Broughty Ferry is renowned for its scenic views and affluent community, making it a desirable place to live. The mansion’s proximity to local amenities and its picturesque setting add to its allure.
Financial Implications for Buyers
Investing in this mansion could be a lucrative opportunity for the right buyer. However, it’s essential to consider the financial aspects carefully.
| Aspect | Details |
|---|---|
| Starting Price | £550,000 (initial), now £600,000 |
| Previous Valuation | £1.4 million |
| Property Size | Five bedrooms, ample grounds |
| Unique Features | Stone-carved exterior, indoor pool |
| Development Potential | Partly completed project |
This table outlines the key financial considerations, helping potential buyers weigh their options effectively.
Community Reaction and Future Prospects
The community has mixed feelings about the mansion’s repeated auctions. While some residents are excited about the prospect of a new owner bringing fresh life to the property, others remain wary of its past associations.
Dr. Liam Fraser, a local historian, comments, “Properties with unique histories like this one often face a challenging market. However, they also offer a chance to preserve and repurpose remarkable structures.”
Looking ahead, the mansion’s future remains uncertain. The upcoming auction on November 19 will be crucial in determining its next chapter. Potential buyers are encouraged to act swiftly, as opportunities like this are rare.
Marketing Strategies by Savills
Savills is employing various strategies to attract buyers. High-quality photographs, virtual tours, and targeted advertising campaigns aim to showcase the mansion’s best features and highlight its potential.
Additionally, open house events are scheduled to allow interested parties to explore the property in person. “We want buyers to fall in love with the mansion’s character and envision the possibilities it holds,” Clarke adds.
Legal Considerations and Compliance
Prospective buyers should be aware of the legal implications tied to the property’s history. Ensuring compliance with local regulations regarding its previous use as a cannabis farm is essential.
Savills advises potential buyers to conduct thorough due diligence and consult with legal experts to navigate any complexities associated with the mansion’s past.
Jane Smith is a seasoned article writer specializing in cannabis-related content. With a keen focus on the latest trends, research, and developments in the cannabis industry, she brings a fresh perspective to her writing. Jane’s insightful articles delve into the medicinal benefits, legalization efforts, and evolving culture surrounding cannabis. Her engaging storytelling and informative approach make her a trusted source for readers seeking accurate and up-to-date information on all things cannabis.
