Suburb apartment block sold in £2.1m deal
One of Birmingham’s largest residential investment opportunities in recent years has been sold for over £2.1m by leading property auction business SDL Auctions Bigwood, in partnership with GVA.
Mulberry Court, a block of 23 luxury apartments located at 70-80 Kings Road in Sutton Coldfield, had guide price of £1.8m.
It features 12 two-bed and 11 one-bed apartments, and 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 when the remaining two vacant apartments are also let.
Toby O’Sullivan of GVA’s restructuring solutions team, said: “This unique ‘twin track’ approach to marketing has yielded significant success over the last 12 months, maximising the realisable value of assets within clearly defined timescales. The price achieved for Mulberry Court has set a new benchmark for the local residential investment market.”
Gurpreet Bassi, head of residential auctions at SDL Auctions Bigwood, said: “Mulberry Court is perfect for investors looking to add a substantial asset to their portfolio so it’s no surprise a property developer with a sizable rental portfolio purchased the property. It was a very desirable lot and we received dozens of enquiries and legal pack downloads from excited potential investors.”