With the average UK house price standing at £278,000 in March 2022, it’s surprising to find ten properties for sale at a guide price of just £295,000+. But this, Toby Limbrick, Director of Network Auctions, claims is, ‘the beauty of auctions.’
‘It takes most people years to build a buy-to-let portfolio or pension investment with a decent return. This freehold lot of 10 self-contained flats (7 x 2 bed, 2 x 1 bed, 1 x 3 bed) currently let on ASTs (one vacant) produces an annual income of £47,340. This will be the key attraction for bidders who are looking for a return on their money without the regulatory headaches and transitory tenants associated with Houses of Multiple Occupation (HMOs).’
The properties at 2-20 Bewicke Road, Wallsend, Tyne and Wear are arranged on the ground and first floors of adjoining terraced properties. Eight of the ten flats have been refurbished and are all currently let, with only one vacant.
Limbrick says, ‘This is a great income stream for somebody looking for a retirement fund. The properties have EPC ratings of C and D and are well proportioned sizes ranging from 46 sqm to 70 sqm. We also believe the current rents are below the LHA rates for the area providing future potential income uplift. Let at the LHA rates for the area, an annual income of £56,546 could be achievable.’
2-20 Bewicke Road, Wallsend, Tyne and Wear, NE28 6SH will be sold online by Network Auctions on 9th June. For more information www.networkauctions.co.uk