A property in one of Birmingham’s prime suburbs where five self-contained flats produce rents of nearly £40,000 a year is appearing in Bond Wolfe’s next livestreamed auction.
285 Harborne Lane in Harborne, which is close to Queen Elizabeth Hospital and Birmingham University, will have a guide price of £325,000+ on Thursday 11 July.
James Rossiter, a senior auction valuer at Bond Wolfe, explained that the residential investment had been converted into flats in 2008.
Flat 1 is let at £725 per calendar month, Flat 2 at £625, Flat 3 at £595, Flat 4 at £625 and Flat 5 at £750, together totalling £3,320 per month or £39,840 a year.
Mr Rossiter said: “This semi-detached property, which stands back from the road behind a front garden, is located in the popular and sought after area of Harborne.
“Both Selly Oak and University train stations are within walking distance, providing easy access into Birmingham city centre and beyond.
“The property benefits from double glazing and gas central heating, with each flat registered for Council Tax and water rates.”
The accommodation has a communal entrance on the ground floor, leading to Flat 1 which has a hall, reception room/kitchen, bedroom and shower room with toilet.
On the same floors are Flat 2 with a reception room/bedroom, dining kitchen and shower room with toilet, and Flat 3 with a reception room/kitchen/bedroom, and shower room with toilet.
On the first floor is Flat 4 with a hall, reception room/kitchen/bedroom and bathroom with toilet, and Flat 5 with a reception room, kitchen, two bedrooms and shower room with toilet.
The flats share a communal garden outside and the sale will be freehold, subject to the existing tenancies.
Rossiter added: “This could be a valuable opportunity for a landlord seeking to extend their portfolio in one of the city’s most sought after areas.”
285 Harborne Lane is just one of scores of lots that are appearing in Bond Wolfe’s next auction, which will start at 8.30am on Thursday 11 July.