Seventeen city centre flats are snapped up as buyer comes forward before the auction and made an offer in excess of the guide price

Avalon House, 2 Surrey Street, Portsmouth

Seventeen city centre flats in Portsmouth have been sold through auction.They were among 180 lots being sold by regional land and property auctioneers Clive Emson.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 anticipated 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.‘A private buyer came forward before the auction and made an offer in excess of the guide price, which was acceptable to the vendor.’

Two self-contained leasehold flats at 199C Highland Road, Southsea, generating £13,860 per annum, went for £134,000.

Clive Emson’s next regional auction takes place at the same venue at 11am on Friday, December 14, at the Solent Hotel & Spa, Rookery Avenue, Whiteley, near Fareham.