A FISHERMAN’S shack that has grandstand views of the Olympic sailing events is tipped to become the bargain of the century after it sold for £35,000.

The property at Chiswell, Portland , measuring 24ft by 17ft is in a rundown state and has been used for years by a fisherman to store his nets and pots in.

But if the new owner can secure planning permission to turn it into a residential home, its value would shoot up by five times the amount paid for it.

The 200-year-old building boasts magnificent views of Chesil Beach and the Jurassic Coast.

Despite its restricted size its mezzanine floor could be converted into a bedroom, making the property an ideal holiday home.

Due to the potential of the Grade II listed building, it attracted a huge amount of interest when it came up for auction in Sherborne.

It was eventually bought by a private buyer and it is thought they will look to seek permission to change its use.

Jon Summers, from Symonds and Sampson estate agents, which handled the sale, said: “The property was always used as a fishing store.

“The owners spoke to the local council about 10 years ago and they had a letter from them stating they would consider the property for conversion.

“Because of that prospect, the guide price of £25,000 and its location, it was well worth somebody taking a punt on it.

“If the new owner does get planning permission to convert it, it would be a wonderful opportunity for them.

“It would make an ideal holiday home and has stunning views of the sea out to the west of Portland.”

In its present state, the building has rotting doors and windows, a fireplace, chimney, mezzanine floor and a rusty corrugated iron roof. There is also no mains water or electricity.