Business and residential units go up for auction

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The premises of a former NatWest bank will go under the hammer for auction.

The unit situated in West Street, Portchester, will be among 22 of the latest lots being sold by regional land and property auctioneers Clive Emson.

The unit has been valued between £90,000 and £95,000 for when it goes to auction later this month.

Auctioneer Rob Marchant said that banks have become popular units at auctions due to their positioning on high streets.

He said: ‘Former banks tend to be snapped up by investors because of their prominent footfall position.

‘They are regarded as safe as houses, to coin a phrase.

‘The NatWest in Portchester is ideal for an investor as it has a walk-in safe, two offices, cloakrooms, a plant room and toilets.

‘The two-storey premises offers scope and potential for a number of future uses, included continued use as commercial.’

Along with the old NatWest unit, there will be a freehold commercial and residential investment unit, which covers a third of an acre in Kingston Crescent, Ports-mouth, up for auction.

The site, which has been generating £105,780 in rent per year, has had a guide price of £1.3 million put on it.

‘The holding at present consists of four shop units fronting Kingston Crescent, eight residential flats above,’ added Mr Marchant.

‘It also has a warehouse divided as three units, three lock-up double garages and further hard-standing land currently used as a car lot.

‘The property has a very healthy rental stream and there is scope to redevelop the rear, subject to planning consents.

‘Any extension would mean that the owner could lose less than 20% of the present income and add tens of thousands of pounds more in rental by adding flats at the back.’

Clive Emson will see more than 140 lots go under the hammer in the five auctions taking place across the South of England.

The auction which will feature the NatWest lot and Kingston Crescent premises, as well as units in Fareham and Gosport, is scheduled to take place on Friday, September 18.

Investors will be welcomed into the Ageas Bowl, in Botley Road, where the first auction is due to start at 11am.

Mr Marchant said these auctions are a great opportunity for investors to see the potential in old, unused shops, banks or flats to redevelop them and sell them on for profit.

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