7th November 2018
£1.5 million residential investment in SDL Auctions Graham Penny’s Leicester auction
One of the largest residential investment properties to come on the market in Leicestershire is set to be sold under the hammer in SDL Auctions Graham Penny’s Leicester auction on Thursday 29 November at the King Power Stadium.
St Georges Courtyard in Hinckley is being offered with a *guide price of £1.5 million for 14 apartments that have been fully refurbished in a major overhaul of the building.
Carl Finch, senior auction valuer at SDL Auctions Graham Penny, said: “St Georges Courtyard is an L-shaped building originally built in the 1960s that had grown tired and outdated.
“The current owners have invested heavily in a total renovation and modernisation and this is now a fantastic investment opportunity for the bidders at our November auction.
“Each apartment has been fully refurbished throughout to an excellent standard with modern kitchens and bathrooms, neutral décor, flooring and underfloor heating. All the apartments have parking and communal grounds, and each apartment has its own entrance and secure parking with electric barrier.”
The property is offered with vacant possession and would be an ideal buy to rent investment giving an estimated rental income of £100,000 per annum.
Carl Finch added: “The development also offers the potential for individual resale of the apartments, and therefore the new owner could retain the freehold which would bring in an annual ground rent income of around £4,000 per annum.”
St Georges Courtyard is situated in Hinckley town centre, next to the new £60 million pound Crescent development comprising of bars, restaurants, shops, micro pubs and cinema.
The rest of the town centre is a two minute walk away along with schools, parks, doctors and the train station. London St Pancreas is less than 1 hour away.
Carl Finch said: “The town is home to major business with a Tesco Distribution Centre, Mira, Centrica and a DPD depot which create a huge number of jobs and therefore the rental demand in the town is extremely high.
“This is precisely the kind of investment opportunity that attracts not only interest from our regular buyers in the Midlands, but also from the South East where this kind of value and potential return is hard to achieve at this price level.”
St Georges Courtyard is going under the hammer in SDL Auctions Graham Penny’s Leicester auction at the King Power Stadium on Thursday 29 November. Further details can be found here.