£750k guide price for block of 12 Sutton Coldfield apartments in auction

A dozen apartments in Sutton Coldfield are being auctioned by Bond Wolfe next month.

The 12 apartments are in the top four floors of a five-storey block off the Birmingham Road in the suburb of Wylde Green.

The property rises above The Lanes Shopping Centre which includes Sainsbury’s Local, Boots, Costa Coffee and several other popular outlets.

All apartments are occupied and are bringing in a total of £90,360 in annual rents, equivalent to a 12 per cent yield based on the combined guide price of £750,000+.

Bond Wolfe called this a “rare opportunity”, while its guide price is the highest of all the lots going under the hammer on Thursday 9 September.

Jonathan Hackett, consultant director at Bond Wolfe, said: “This is a rare and remarkable residential investment opportunity suitable for a large and ambitious landlord.

“The apartment block is in a highly desirable location, within walking distance of the larger Wylde Green shopping parade, the Wylde Green Primary School and Chester Road railway station, on the main cross city line.

“It also lies opposite the beautiful Emmanuel Parish Church which dates back to 1909 and is a fine example of the work of famous Midlands architect William Bidlake.”

Hackett explained that there was a long leasehold on the eight two-bedroomed and four one-bedroomed apartments, which each have an allocated parking space at ground level outside.

Each apartment has electric heating, double glazing and benefits from an intercom system and a mains-linked fire alarm system.

The property is understood to be leasehold with approximately 240 years remaining, subject to an annual ground rent of £3,200, and a capped service charge to the freeholder of £1,000 per year.

Hackett added: “This impressive lot will be one of the auction’s star attractions and we are expecting lots of competitive bidding.”

Over 200 lots will appear at Bond Wolfe’s online auction, which will be livestreamed via its website.

Bidding will be done remotely by proxy, telephone or internet.

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