A string of four neighbouring Wolverhampton homes converted into flats carries a £1 million price tag heading into Bond Wolfe Auction’s next sale on Wednesday 28 October.
117 to 123 Tettenhall Road comprising four semi-detached properties converted into 18 apartments is entered in the auction as a residential investment property with development potential, with a guide price* of £1 million.
It is among the latest in a growing number of commercial and residential investment properties now coming to market through BWA auctions.
The surge has come after Bond Wolfe Auctions announced the intention to start commercial-only auctions in the Spring of 2021 as the main auctions were regularly attracting 200 plus lots, resulting in online, livestreamed auctions of over ten hours.
The Tettenhall Road properties will be in the spotlight for both the high yield of their annual rent and for their development potential both to increase the number of flats and to build a pair of new semi-detached houses on the site.
Ron Darlington, consultant director at Bond Wolfe Auctions, said: “This is an attractive site in a popular part of the city.
“The development potential makes the £1m price tag particularly good value and we are expected a considerable degree of interest from property investors with an eye for a bargain. The state of the property market means demand for residential development opportunities continues to be extremely strong at present, so we expect bidding to be fierce for this lot.”
All the apartments are currently let on assured shorthold tenancies and at present the gross income from the property is £86,561 per annum. It comprises two pairs of spacious semi-detached houses with a car park to the rear, set back from Tettenhall Road on the corner with Cranmore Road, with front, side and rear gardens.
The properties have been converted into ten one-bedroom flats and eight studio apartments. Planning consent has already been granted to convert two flats into four. Planning permission is also expected to be granted before the auction for the erection of a pair of semi-detached houses fronting Cranmore Road.
The Tettenhall Road site is just one among a catalogue of 212 properties to be offered on Wednesday 28 October which will be the fourth online auction held by Bond Wolfe Auctions since COVID-19 restrictions were introduced in March.
In 2020, the year to date, Bond Wolfe Auctions has sold 685 lots raising £72.5 million.
Bond Wolfe Auctions’ next online auction on Wednesday 28 October is livestreamed via the website at www.bondwolfeauctions.com with remote bidding by proxy, telephone and internet only.