A rare opportunity to buy an entire block of apartments in Sutton Coldfield is coming up in Bond Wolfe’s next online auction on Thursday 9 September.
The 12 apartments are in the top four floors of a five-storey block off the Birmingham Road in the sought-after 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+.
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.
The Sutton Coldfield property is just one of more than 200 lots appearing in the next Bond Wolfe online auction which starts at 9.00am on Thursday 9 September.
The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet only.
