A substantial property in a trendy Birmingham suburb, where five flats generate rent of more than £37,000 a year, is appearing in Bond Wolfe’s next auction.
The detached building in Moseley will have a guide price of £495,000+ in the livestreamed auction on July 10.
James Rossiter, senior auction valuer at Bond Wolfe, says: “This property stands back from the road behind a large driveway and front garden in the ever-popular Moseley village, with its wide range of restaurants, bars and amenities.
“What was once a large house has been converted into five self-contained flats some time ago, with a current total rental income of £37,140 per annum, although there would be scope for this to increase in today’s rental market.
“The trendy location of Moseley and the potential rental income are likely to be attractive elements for potential buyers, and we are expecting competitive bidding for this lot on the day.”
The accommodation at the freehold property includes Flat 1 on the ground floor with a kitchen/reception room, bedroom and bathroom, and this is rented for £9,000 a year. Also on the ground floor is Flat 5 with a reception room, breakfast kitchen, bedroom and shower room with toilet, and this brings in £7,800 a year.
On the first floor is Flat 2, with a reception room, kitchen, bedroom and a shower room with toilet, rented for £5,400 a year. Also on the first floor is Flat 3, with a reception room, bedroom, study, breakfast kitchen and shower room with toilet, bringing in £7,800 a year. The first floor landing includes an entrance to Flat 4 on the second floor, which has a kitchen/reception room, a bedroom and bathroom, and is rented for £7,140 a year.
The flats are let on assured shorthold tenancies, and the freehold sale is subject to these existing tenancies.
The accommodation benefits from gas central heating and double glazing, and it includes a communal hall, a large cellar with four rooms and two storage cupboards, a driveway and gardens. The energy performance ratings for the flats are: Flat 1, E; Flat 2, C; Flat 3, D; Flat 4, E; and Flat 5, D.
The Moseley property is among 196 lots appearing in Bond Wolfe’s next auction which is due to start at 8.30am on Thursday July 10.
The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.
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