City centre renovation project comes to market
A RENOVATION project in North Yorkshire is going under the online hammer as part of a £6m nationwide auction in September.
The property situated in Southolme Drive in Rawcliffe, York, has a guide price of £220,000 and offers investors and buyers the perfect opportunity for a renovation project for let or a family home.
Richard Reed, head of property at John Pye Property Auctions, said: “Situated on the outskirts of York city centre, this seven-bedroom property has great potential to be fully renovated and let as student accommodation or converted into a spacious family home.
“The property is semi-detached and has a range of local amenities within walking distance including pubs, convenience stores, take aways and local schools. A wider range of facilities can be accessed in York centre including supermarkets, shops, bars and restaurants.”
The property will be going under the online hammer on 7th and 8th September among 44 other lots.
Mr Reed added: “We estimate if the property was fully occupied after a slight programme of refurbishment that the four large bedrooms could be let for £375 pcm and the three small bedrooms could be let for £325 pcm.
“This would bring in a £29,700 a year representing a gross yield of 13.5%.”
