There were plenty of property investment opportunities in Coventry at the first live, in-person auction organised by Loveitts since before Covid-19.
Almost a quarter of the 22 lots available on the night were investment and tenanted properties, with the majority generating rental yield of between 9% - 11% per annum.
Attended by more than 200 prospective buyers, including many property investors, it was the first time in the history of the Loveitts auction that online bidders were able to potentially outbid their counterparts in person, over the telephone and by proxy – a result of Covid19 which saw the popular event continue online.
The majority of properties sold considerably above their guide prices, with the biggest sale of the night was a mixed residential and commercial investment in Holbrook Lane and Jackson Road in Holbrooks.
With bids starting at £520,000 the tenanted investment, which comprises a retail unit, warehouse, café and first and second-floor residential flats, and which generates more than £63,000 a year in rent, sold for £905,000, which was almost double its £500,000 - £550,000 guide price following a fierce bidding war.
Other investment properties which sold on the night included a four-bedroom mid-terrace in Britannia Street, Stoke, which fetched £160,000 and a two or three-bedroom mid-terrace in Grantham Street, Stoke, which fell under the hammer for £157,000.
Seven garages and a small strip of land in Congleton Close, Holbrooks, achieved almost double their starting bid.
Opening at £70,000 the garages, situated on land with expired planning permission for two flats and off-street parking, sold for £133,000.
Other lots on the night included a mixed residential and commercial property in Foleshill Road, currently the site of a restaurant and bar, with associated off-road parking. With the opening bid at £390,000 the lot sold for £463,000 to an online buyer.
Residential properties also proved to be popular. These included a four-bedroom property in Gregory Avenue, Earlsdon, which sold for £280,500 - over £20,000 above the guide price.
A three-bedroom property in Longford Road also proved to be extremely popular sparking an exciting bidding contest both in the room and online selling for £236,000 against a guide price of between £195,000 and £215,000.
And a three-bed property in Lavender Avenue in Coundon once again created a bidding frenzy both in the room and online achieving a sale price of £225,500 over £45,000 above its guide price.
Sally Smith, Loveitts director and Auctioneer, said: “This was the first time our buyers were able to bid using one of four methods and it was a great night, very lively with fierce bidding for some of the properties – with online bidders competing against those in the room.
“Once again we had a real mixed bag of properties available but we are seeing a rise in the number of tenanted investments which an increasing number of buyers are realising will generate an income that cannot be matched by any bank.
“It was a great night with a real buzz among the prospective buyers – it certainly demonstrated the continued buoyancy of the market, not least among those seeking buy-to-let opportunities.”
The next auction will take place in person and online on Thursday 14th July 2022.