£1.8m apartment scheme set to go under the hammer
Property investors are being targeted after a block of 23 apartments on the outskirts of Sutton Coldfield was put up for auction.
Mulberry Court, which occupies 70-80 Kings Road, has a guide price of £1.8m.
The block comprises 12 two-bed and 11 one-bedroomed apartments.
The investment opportunity has a current gross rental income of £154,680 per annum from the 21 apartments already let, with the potential for more than £169,000 per annum once the remaining two vacant apartments are also let.
Gurpreet Bassi, head of residential auctions at SDL Auctions Bigwood, said: “This is an impressive property in a much-sought after location that is only a short walk from Sutton Park
“This apartment block is already enjoying a rental yield of more than 8.5% when based on the guide price, and this could rise to nearly 9.4% once fully let.”
He said the property was already attracting interest from investors and expected it would attract competitive bidding in the auction room.
The auction takes place at Villa Park on Wednesday March 28.