16th September 2019
Slade Road trio is a smash hit at property auction
SDL Auctions Bigwood’s latest Birmingham auction was a smash hit for Slade Road in Erdington, where three properties sold in the same street.
The trio of adjoining properties – a block of apartments and two mixed-use properties – were among the latest sales for SDL Auctions, which had already sold 100 lots so far in September, even before the auction began.
The first of the three to strike a chord with bidders was 304 Slade Road, Erdington, which sold for £140,000 from a *guide price of £130,000+. A three-storey mid-terraced property, it comprises a ground floor retail unit with a self-contained refurbished residential accommodation above. It currently realises an annual rental income of £9,000 per annum, with the potential to increase to £15,000 once fully let.
Next on the bill was 302 Slade Road, a block of three apartments with a guide price of £160,000+. The vacant three-storey mid-terraced property has two ground floor studio apartments and a four bedroomed apartment over the first and second floors. It has a potential annual income of £19,200 per annum when fully let and sold for £176,000.
The finale for the row was 300 Slade Road, a versatile property with three different uses which sold for £198,000 from a guide price of £180,000+. The ground floor of the property houses a Caribbean takeaway fronting Slade Road, with a tyre business fronting Rosary Road behind and a two-storey apartment above with six double bedrooms.
SDL Auctions lead auctioneer Rory Daly said: “This is a great example of getting the most out of a property, with no fewer than three separate uses. And there’s the potential for the buyer to increase the yield further by converting the living accommodation into a House in Multiple Occupation, subject to planning permission, if they wish to do so.”
It was the fifth Birmingham auction of the year for SDL Auctions Bigwood and it raised £4.4 million for sellers. Among the properties sold were houses, flats and bungalows in Birmingham, surrounding areas and further afield.
Many investors head to the auction room to find refurbishment properties to which they can add value, and they weren’t disappointed at Villa Park this month, with the auction kicking off with one such property.
78 Sutton Oak Road, Sutton Coldfield, has already been extended and partially refurbished but requires completion. The three bedroomed semi-detached house sits on a corner plot with space to extend, subject to planning permission. It attracted enthusiastic bidding and sold for £262,000 from a guide price of £185,000+.
Rory said: “This is a brilliant property and a fantastic opportunity for an investor. It’s in one of the most popular areas of Birmingham on one of the most popular streets, so the location couldn’t be better.”
But not all properties sold at auction are refurbishment projects. 15 Wordsworth Street, West Bromwich, is a traditional two bedroomed semi in good condition with a smart fitted kitchen. The property sits in a cul-de-sac in a popular residential area and sold for £115,000 from a guide price of £89,000+.
Rory added: “It was another great day at the rostrum, with a huge variety of properties sold under the hammer to bidders in the room, online and on the phones. We look forward to returning to Villa Park next month for another exciting auction, getting great results for our sellers and finding great properties for our buyers.”
The next SDL Auctions Bigwood auction takes place at Villa Park, Birmingham, on Thursday 24 October. You can enter your property into the auction now; to find out more, or to book a free auction appraisal of your property, please click here or call 0121 233 5046.