£750,000 guide price for block of apartments

An opportunity to buy an entire block of apartments in Sutton Coldfield is coming up at auction next month.

The 12 apartments are in the top four floors of a five-storey block off the Birmingham Road in the suburb of Wylde Green.

The property rises above The Lanes Shopping Centre which includes Sainsbury’s Local, Boots, Costa Coffee and several other outlets.

All apartments are occupied and are bringing in a total of £90,360 in annual rents, equivalent to a 12% yield based on the combined guide price of £750,000+.

Jonathan Hackett, consultant director at Bond Wolfe, said: “This is a rare and remarkable residential investment opportunity suitable for a large and ambitious landlord.

“The apartment block is in a highly desirable location, within walking distance of the larger Wylde Green shopping parade, the Wylde Green Primary School and Chester Road railway station, on the main cross city line.

“It also lies opposite the beautiful Emmanuel Parish Church which dates back to 1909 and is a fine example of the work of famous Midlands architect William Bidlake.”

Hackett said that there was a long leasehold on the eight two-bedroomed and four one-bedroomed apartments, which each have an allocated parking space at ground level outside.

The property is understood to be leasehold with approximately 240 years remaining, subject to an annual ground rent of £3,200, and a capped service charge to the freeholder of £1,000 per year.

Hackett added: “This impressive lot will be one of the auction’s star attractions and we are expecting lots of competitive bidding.”

The Sutton Coldfield property is just one of more than 200 lots appearing in the next Bond Wolfe online auction which starts at 9am on Thursday 9 September.

The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet only.