Flats to go under the hammer

Pub party to mark major £300k revamp

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IT is the sort of investment return in Portsmouth that even hedge fund managers in London wouldn’t sniff at.

With a reserve no higher than £1.1m, a fully let block of 12 flats at 39 to 47 Claremont Road, Fratton, is generating £86,440 per annum – equivalent to an inflation-busting return of 8.6 per cent at £1m.

The freehold property, built in 2008 as an income-producing investment for the current owner, is among 23 lots being sold by auctioneers Clive Emson.

Rob Marchant, the auctioneer, said: ‘We anticipate keen interest from investors trying to achieve decent returns in an era where interest rates are at a 300-year low.

‘Hedge fund managers would be happy with the inflation-busting returns offered by this property, let alone anyone local.’

Clive Emson’s next auction takes place at the Ageas Bowl at 11am on Wednesday, November 5.