A block of 23 luxury flats guided at £1.8m will go under the hammer at SDL Auctions Bigwood’s next Birmingham sale.
Mulberry Court on the outskirts of the upmarket Birmingham suburb of Sutton Coldfield is one of the largest lots offered by the auctioneer.
The modern, purpose-built block on Kings Road, near the Beggars Bush junction with Jockey Road and Chester Road, produces gross rental income of £154,680 pa from the 21 flats already let. This would rise to £169,000 pa once two vacant apartments are also let. The property is in walking distance of the 2,400-acre Sutton Park.
The block comprises 12 two-bedroom flats and 11 one-bedroom flats and is being offered jointly with GVA.
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 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.”
Parking spaces included
All of the flats have basement car parking spaces.
The property is freehold and is being sold subject to existing 125-year leasehold tenancies on each flat, which began in December 2008. Ground rent of £300 pa per apartment is payable.
Bassi added: “This apartment block is already enjoying a rental yield of more than 8.5% when based on the guide price, and this could rise to nearly 9.4% once fully let.
“This makes it a very desirable lot.”
The sale will take place on Wednesday 28 March at Villa Park. So far 16 lots have been listed. SDL Bigwood’s last Birmingham sale, on 14 February, raised £15m from more than 150 lots, achieving a success rate of 81%.
■ SDL Auctions Graham Penny will offer 33 lots at Nottingham Racecourse next week. The sale on 15 March will include a terraced house in Deptford, London, SE8. Guided at £590,000, it produces income of £32,400 pa.
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