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Home Lane, Lee, Ilfracombe

South West

£695,000
Listed on 29/08/2025

Property Details

Bedrooms
4
Type
Detached house

Description

This unique detached cottage, originally converted from an apple store and held within the same family for over 40 years, presents a promising opportunity for renovation and investment. The property is set on a generous plot exceeding an acre, offering a combination of seclusion and potential for development, subject to obtaining the necessary planning permissions. The cottage features four bedrooms across two stories, providing ample living space that can be reimagined to suit modern preferences. The ground floor includes a sitting room with bay windows that open to the garden, dining room with a solid fuel range fireplace, and two kitchens that present an opportunity for reconfiguration. On the first floor, two bedrooms share a wet room, while the external layout boasts two detached chalets previously used as additional sleeping quarters. These versatile structures enhance the property's potential as guest accommodations or could be transformed into functional spaces such as home offices or studios. Nestled in the coastal village of Lee—known for its picturesque setting and tranquil atmosphere—the property benefits from proximity to local amenities such as a quaint public house, village hall, and gallery. The scenic Lee Bay is just a short walk away, perfect for those who enjoy outdoor activities like walking along well-marked trails that traverse this Area of Outstanding Natural Beauty. Nearby attractions include Woolacombe's renowned sandy beach and several other popular surf spots. In terms of practicality, the property includes parking facilities for multiple vehicles, with options for additional outdoor storage through various sheds and a garage equipped with power and lighting. The extensive gardens are both mature and lightly wooded, providing privacy while also offering opportunities to cultivate further landscaping or outdoor living spaces. This cottage not only stands out due to its character but also offers significant potential for enhancement or expansion. Whether you are looking to invest in a holiday rental property or seeking a project that allows for creative expression in home design, this property presents a compelling option in North Devon's desirable coastal locale.

Investment Analysis

(EX34 area)
Area Average
£278/sq ft
Avg Rent (weekly)
£220
Avg Yield
3.8%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£30,000 - £60,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
19
Average per month
Market Turnover
6%
Properties sold annually

Local Market Trend (EX34)

Area prices are falling by +4.6% over the last 12 months
3 year growth: -11.9%
5 year growth: 6.3%
Investment Disclaimer: Analysis based on EX34 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Home Lane, Lee, Ilfracombe
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£2,546
Based on a loan of £521,250 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE