LANDLORDS looking to expand their buy-to-let portfolios in the run-up to Christmas are being urged to cast their eyes over a commercial property in Southsea.
Guided freehold at £115,000 to £125,000, a shop and flats at 27 and 27a Fawcett Road, Southsea, are among 110 lots being sold by regional land and property auctioneers Clive Emson across southern England.
Rob Marchant, auctioneer, said: ‘The freehold building is arranged as a retail premises on the ground floor, with a self-contained two-bedroom flat above. Planning permission, which has now lapsed, was granted back in 2010 for conversion of the ground floor into an additional two-bedroom flat.
‘Subject to all necessary consents being obtainable and planning consent being re-established, the flats would make an ideal addition to a lettings portfolio, perhaps as an income-generating Christmas present.’
He said that landlords may also be interested in a three-storey town house near Queen Alexandra Hospital, Portsmouth.
The property at 56 Old Wymering Lane is on sale with a guided freehold at £340,000 to £360,000.
Rob said: ‘The property has recently undergone a programme of upgrading and refurbishment, under the supervision of Portsmouth City Council’s housing department, with a view to achieving a licence as a house of multiple occupation.
‘The licence is expected to be granted prior to the day of the auction. As such, this property is considered ideal for addition to a lettings portfolio.’
Two vacant lock-up garages at the rear of 1-4 Southsea Terrace, Southsea, are also among the lots guided freehold at £20,000 to £22,000 each.
Rob said: ‘Two similar garages at the same address sold for £20,000 each in our previous auction – they were among 16 lock-up garages that went under the hammer that day in Southsea and Gosport.
‘Lock-up garages in residential areas, where free and secure parking can be a challenge, always attract keen interest from bidders.’
Clive Emson’s latest auction takes place at the Ageas Bowl in Botley Road on Thursday, December 15, at 11am.
Clive Emson, Britain’s largest independent regional land and property auctioneer, sold land and property worth more than £18.5m at its latest sale, with 140 people attending its Ageas Bowl auction.
The company, which has its office in Whiteley, catalogued 161 lots and achieved a sale rate of 81 per cent.
Managing director James Emson said: ‘Despite long periods of national uncertainty and upheaval it has remained the case throughout 2016 that property is an excellent investment.
‘Buy-to-let investors seem undeterred by mortgage relief changes and extra stamp duty.
‘Our vendors and purchasers recognise the worth of property – and also that Clive Emson offers an exceptional service covering all aspects of the market. The new online auction has bedded in well and we look forward to growing this aspect of the business to ensure customers continue to benefit from this new resource.’
Go to cliveemson.co.uk