12th March 2018
23 luxury apartments near huge Birmingham park in auction for £1.8m
A block of 23 luxury residential apartments within walking distance of one of the largest parks in Europe will appear at SDL Auctions Bigwood’s next auction in Birmingham later this month.
Mulberry Court, which has a guide price of £1.8m, is located at 70-80 Kings Road, near the famous Beggars Bush junction with Jockey Road and Chester Road, on the outskirts of the upmarket suburb of Sutton Coldfield.
The modern, purpose-built block with 12 two bedroomed apartments and 11 one bedroomed apartments will be one of the star auction lots on Wednesday 28 March at Villa Park, being offered in partnership with GVA.
The attractive investment opportunity has a current gross rental income of £154,680 per annum from the 21 apartments already let, with the potential for more than £169,000 per annum once two vacant apartments are also let.
Gurpreet Bassi, head of residential auctions at SDL Auctions Bigwood, said: “This is an impressive property in a much-sought after location that is only a short walk from the 2,400-acre Sutton Park, one of the largest urban parks in Europe.
“It’s also very close to the Princess Alice Retail Park, which hosts a Bannatyne Health Club, a Tesco, M&S, Halfords, Next, PC World Currys and branches of several other popular stores.”
Mulberry Court stands in communal grounds where all apartments have basement car parking spaces, an intercom system, underfloor heating, fitted kitchens and a majority of uPVC double-glazed windows.
The property is freehold and is being sold subject to existing 125-year leasehold tenancies on each apartment which began in December 2008. Ground rent of £300 per annum is payable per apartment.
Mr Bassi added: “This apartment block is already enjoying a rental yield of more than 8.5 per cent when based on the guide price, and this could rise to nearly 9.4 per cent once fully let.
“This makes it a very desirable lot and we’re already receiving calls from excited potential investors, with competitive bidding expected in the auction room on the day.”
The lot is just one of 117 lots going under the hammer in the auction on Wednesday 28 March. To view all the lots click here.