Auction is not to be missed

SOUTHSEA GREEN: A hidden gem

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A residential investment – pictured above – near The News’ former headquarters in Hilsea is to go under the auctioneer’s hammer.

With a guide price of £300,000-£330,000, the three two-bedroom flats are located at Walberant Building, Copnor Road.

The large leasehold flats at 2b, 3a and 4b, currently let on assured shorthold tenancies for a total of £24,900 per annum, are among 13 lots being sold by regional land and property auctioneers Clive Emson.

Rob Marchant, auctioneer, said: ‘We anticipate keen interest from buy-to-let investors, given the attractive returns and that each will flat will be the subject of a new 150-year lease from January 1 of this year.’

A leasehold investment is also available for the ground floor shops at 1-8 Walberant Building. With a guide of £300,000-£330,000, seven of the eight units are fully let.

They generate £30,300 per annum and were previously fully let at £34,440.

Rob said: ‘Investors may appreciate the fact that the properties are to be sold under the terms of a new 120-year lease from January 1 of this year, at an initial ground rent of £200 per annum.’

A boutique hotel in Southsea is to go under the gavel as well. With a guide of £525,000-£575,000, Ashby’s, at 4 Auckland Road West, is to be sold freehold with vacant possession.

Rob said: ‘Ashby’s is offered for sale as a going concern. There are seven en-suite bedrooms, a bar and restaurant, with separate accommodation for the manager within the building and a patio garden for guests.

‘It is considered that there may be several future options for the building, such as continued use as a hotel, pub and restaurant, or it may suit conversion to a family house or apartment, subject to planning consents.’

Elsewhere, a three-bedroom house at 19 Jenkins Grove, Portsmouth, has a freehold guide of £135,000-plus. Rob said the terrace property, which has a garden and garage, requires a ‘programme of upgrading and is considered very worthy of the improvements required’.

With a reserve of no higher than £25,000, more than 27 acres of land at Campdown, Bedhampton, are being sold in relation to the administration of Portsmouth FC (2010) Ltd.

Rob added: ‘Property investors have another reason to be cheerful on the back of record-low borrowing costs, a strengthening economy and rising house prices.

‘The cost of living has now fallen to the lowest since 1960, when rock ‘n’ roll legend Elvis Presley was number one with It’s Now Or Never, Harold Macmillan was Prime Minister and the average house price was a mere £2,530.’

Starting at 11am, the auction takes place at the Ageas Bowl on Friday, June 19.