Lock-up garages are set to go under the auctioneer's hammer

NINE lock-up garages and six parking spaces in Portsmouth are to go under the auctioneer's hammer.

Saturday, 6th May 2017, 5:55 am
Updated Tuesday, 9th May 2017, 6:58 pm

With a freehold guide price of £50,000 to £55,000, the single lot off Hillsley Road is among 137 lots being sold by land and property auctioneers Clive Emson.

Auctioneer Rob Marchant said: ‘We always have strong bidding interest in lock-up garages – they get snapped up by investors looking for modest income streams.

‘All of the nine garages, in a gated area, are let on short-term licences, generating £7,020 per annum.’

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Nearly 2.5 acres of grazing land, on the south side of Victoria Road on Hayling Island, has a freehold guide price of £140,000 to £150,000. Mr Marchant said: ‘The site is considered to have future development potential, subject to planning consents.’

The independent firm, which works with 850 high street estate agents across southern England, holds its next auction at 11am at the Ageas Bowl, on Friday, May 5.