One of the largest residential investment properties to be offered at auction is due to go under the hammer at Strettons’ 13 September sale.
The lot, 119/121 Warwick Road, SW5, is a period property comprising 24 self-contained flats set across six floors within two adjoining buildings. Guided at £9.5m plus, the property currently produces £420,000 per annum.
Strettons auction director Andrew Brown said: “We are looking forward to making a piece of UK auction history with the Warwick Road property. We successfully sold a large apartment block in Bethnal Green, the largest property to be sold at auction, in E2 for £7.5m at our July sale, and are aiming for a repeat performance here. The property will attract investors looking to add a healthy income-producing property to their portfolios and I am expecting its yield and location to have wide appeal.”
Warwick Road is the highest priced property in Strettons’ September sale. Overall, the auction catalogue features 42 varied properties from across the UK, with prices ranging from £9.5m to £5,000 for a leasehold vacant parking space in South Woodford.
Brown said: “Throughout 2022, we have seen healthy demand from investors for properties that are well priced, and where value can be added. We have a range of properties such as this in our September catalogue and I am confident that these will appeal to a range of investors and property developers.
“From the seller’s perspective, we are having an increased number of conversations with people who are looking to sell their property and are considering doing so via auction. The changing market conditions and uncertainty means sellers want the speed and certainty of sale that auctions provide.”
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