Investors set to gather for host of opportunities at auction
Good investment opportunities are drawing buyers from all over the UK to Birmingham auctions, according to one of the city’s leading auctioneers.
Gurpreet Bassi, head of residential auctions at SDL Auctions Bigwood, said the opportunities at the next Birmingham auction on July 18 at Aston Villa FC were attracting interest “from far and wide”.
“With interest rates still low and good investments hard to come by, many are looking to bricks and mortar for favourable returns,” he said.
Tenanted properties in the upcoming auction are attracting the most interest.
Two adjacent properties on the Bristol Road in Birmingham offer the chance to acquire nine apartments. They are flats 1-6 at 1251 Bristol Road South in Northfield, and flats 1-3 at 1253 Bristol Road South.
They comprise two, three storey blocks of nine self-contained flats, five of which have been sold off on long leases. The current gross rental income is £24,203.92 a year.
The freehold properties also come with nine garages, four of which have been sold on long leases and five of which are currently vacant.
The lot, as a whole, has a guide price of in excess of £200,000.
A mixed use property offered as a freehold investment is 15-19 Spring Head in Wednesbury which is a former mill converted into five commercial units and nine residential units.
Current rental income is £71,140 a year and the property has a guide price of £600,000-£625,000.
The third opportunity is a house of multiple occupation at 24-26 Enville Street in Stourbridge, which is a large detached property situated off the Stourbridge ring road. It has 14 rooms and a self-contained flat.
The rear garden may offer further development potential, subject to planning permission.
Current rental income is £54,528 a year and it has a guide price in excess of £455,000.
Bassi said: “For investors seeking opportunities for value and strong rental income, the West Midlands offers a fantastic spread of properties. Many are regularly offered in SDL Auctions Bigwood’s Birmingham auctions and we are seeing buyers from all parts of the UK bidding, whether in the room, online or by telephone.”
