Seventeen city centre flats are going under the hammer with a guide price of £1.15m-£1.25m

Saturday, 13th October 2018, 5:45 am
Updated Saturday, 13th October 2018, 7:00 am

Clive Emson's auction at 11am on Friday, November 2, at the Solent Hotel & Spa, Rookery Avenue, Whiteley, near Fareham.

Seventeen city-centre flats in Portsmouth are to go under the auctioneer’s hammer.

They are among 180 lots being sold by regional land and property auctioneers Clive Emson.

Sign up to our daily newsletter

The i newsletter cut through the noise

With a guide price of £1.15-£1.25m, Avalon House at 2 Surrey Street currently generates £120,300 in rent per annum.

Rob Marchant, Clive Emson’s Hampshire auctioneer, said: ‘We anticipate keen interest from property investors – at £1.25m the gross yield would be an attractive 10.46 per cent compared to the one per cent you might get with cash savings.’

The upper three floors of the city centre building comprise two studio flats, 12 one-bedroom flats and three two-bedroom flats, all let on Assured Shorthold Tenancy agreements.

Two flats are held on a long leasehold basis.

Two self-contained flats at 199C Highland Road, Southsea have a guide price of £130,000-£140,000 and currently generate £13,860 per annum. They are within what was a first and second-floor maisonette which has been converted.

An end-terrace cottage at Bishop’s Waltham has a freehold guide price of £300,000-plus.

Receivers, acting for the mortgage lender, have instructed the sale, Rob said.

Three-bedroom Greenbank, Coppice Hill, standing on a 0.25-acre site, is situated within the village development boundary.

Rob said: ‘It is considered the site may have scope and potential for residential redevelopment, subject to planning consents.’

Clive Emson’s regional auction takes place at 11am on Friday, November 2, at the Solent Hotel & Spa, Rookery Avenue, Whiteley, near Fareham.The firm raised £16m from 155 lots catalogued for the September auction, the sixth of eight sales this year.