Leicester auctioneer SDL Graham Penny is to put a ground floor flat under the hammer at its next auction with a guide price of just £1.

The (very cheap) lot at 10 Crosfield Close near Kensington in Liverpool is a purpose-built ground floor apartment featuring communal gardens and off-road parking. The property is in need of refurbishment but is located close to local amenities, schools and recreational facilities, the auctioneer says.

It’s spokesperson, Andrew Parker, says, “Once renovated this property would make an excellent starter home or buy-to-let investment. Its low guide price is already attracting significant interest so we’re expecting a busy auction room for this lot.”

Since starting up in 2006, SDL Graham Penny has sold more than 5,000 lots across the East Midlands and raised over £500m for clients, it is claimed. Formerly Graham Penny Auctions, it joined the SDL Group in early 2016, making the SDL Auctions network the fourth largest in the UK and the biggest outside of London.