A block of 12 flats above a Midlands shopping centre sold for just over £1m in the latest Bond Wolfe auction.
The five-storey block (lot 128, pictured) above the Lanes Shopping Centre in the sought-after suburb of Wylde Green, Sutton Coldfield, sold at a gross yield of 8.6%. The flats are all let on ASTs and the block had been guided at £950,000.
The investment helped Bond Wolfe to a total of £21.9m from its 9 September auction, reflecting a 95% success rate. Some 180 lots found buyers from 191 offered.
Bond Wolfe said interest had remained high despite the end of the stamp duty holiday, with 478,660 website page views, 137,003 video tour viewings and 36,191 legal documents downloaded.
Chief executive Gurpreet Bassi said: “This builds on our continued expansion throughout 2021, which is fully reflected by the fact that our total sales in the year to date are £129.9m – more than we sold in the whole of 2020.
“When you consider that we still have two more auctions to go this year, the overall annual growth is set to be substantial, and shows how the property market is continuing to recover post-lockdown.”
In Birmingham, a ground rent on a two-storey freehold commercial unit bringing in at least £2,900 a year until 2071 was sold on behalf of Birmingham City Council for £234,000 from a guide price of £150,000-plus (lot 4).
Also in Birmingham, a freehold self-contained commercial building that is currently used as a yoga studio was sold for £292,000 from a guide price of £250,000-plus (lot 117).
In the Black Country, a three-bedroom detached house in Walsall was sold on behalf of Walsall Metropolitan Borough Council for £150,000 from a guide price of £138,000-plus (lot 8).
Receivership lots proved popular. A three-bedroom semi-detached house in Leamington Spa, Warwickshire, sold for £251,000 from a guide price of £195,000-plus (lot 168). In Coventry, a three-bedroom mid-terrace house in receivership sold for £137,500 from a guide price of £125,000-plus (lot 167).
National lots included a three-bedroom, semi-detached house in Hayes, Middlesex, which sold for £470,000 from a guide price of £350,000-plus (lot 144).
Bond Wolfe’s next auction is on 20 October.
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Image courtesy of Bond Wolfe
