6th August 2019
An instant property portfolio – block, stock and barrel
A development of 15 rental properties in Blaby could prove to be a summer blockbuster for property investors.
Being sold as three blocks of properties at SDL Auctions Graham Penny’s next Leicester auction, they give buyers the choice of three dormer bungalows, five townhouses or seven self-contained apartments within the same small development.
Carl Finch, senior valuer at SDL Auctions Graham Penny, says the properties represent a golden opportunity for investors.
He said: “Whether they buy one, two or all three lots, the buyer of these properties will get an instant property portfolio, with tenants already in place. And what could be more convenient than having your rental properties so close together?”
The three freehold lots, which are among many more properties going under the hammer at the King Power Stadium on Tuesday 3 September, are:
The Bungalows, 8, 9 & 10 Stokes Close, Blaby
With a *guide price of £300,000+, each of the three modern one bedroomed dormer bungalows in this row is currently let at £475 per calendar month, making them a great buy, according to Carl.
He said: “This is a low-maintenance investment which will give you an income from day one. The combined annual income is currently £17,100 but we feel there is scope to increase this to around £18,900.”
Each of the bungalows is in excellent condition with a lounge, kitchen and WC on the ground floor, a bedroom and bathroom upstairs, and parking outside.
Townhouses, 11-15 Stokes Close, Blaby
The five townhouses in this row all have a kitchen and lounge on the ground floor, and most have two bedrooms and a bathroom upstairs. The exception is no. 15, which has a first floor featuring one large bedroom and a bathroom. There is off-street parking for all of the properties.
All five houses are let, currently achieving an annual rental income of £30,000, which auctioneers believe could be increased to around £36,000. The guide price is £575,000+.
Flats 1-7 Stokes Close, Blaby
The largest of the three blocks is a row of seven self-contained apartments, with a guide price of £595,000+.
With a communal entrance hallway, all seven flats – five with one bedroom and two with two bedrooms – are currently let from £450 to £580 per calendar month, realising an annual income of £41,160, which auctioneers believe could be increased to around £45,000.
The apartment layouts vary:
• Flats 1, 2 and 3 have a hall, lounge, dining kitchen, bedroom and bathroom;
• Flats 4 and 5 have a hall, lounge/kitchen, two bedrooms and a bathroom;
• Flats 6 and 7 have a hall, lounge/kitchen, one bedroom and a bathroom.
All apartments have their own utility supplies and meters, plus a block-paved parking area for seven cars.
The development is within walking distance of Blaby’s amenities, which include a post office, supermarkets, medical facilities and parks. The popular Fosse Shopping Park is a 10-minute drive away, and the motorway network is within easy reach.
Carl added: “We’re looking forward to seeing this incredible opportunity go under the hammer. This is not the sort of investment opportunity which crops up every day so we are expecting a lot of interest in these properties.”
The three lots will be sold at SDL Auctions Graham Penny’s fifth Leicester auction of the year at the King Power Stadium on Tuesday 3 September. To find out more – or for a free auction appraisal of your own property, click here or call the team on 0116 254 9654.