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TODAY'S OTHER NEWS

Auction roundup: A range of investment opportunities in the Midlands

At Property Investor Today, we like to keep our readers updated with the latest happenings at the various auctions taking place across the country.

Below, we take a look at the most significant lots that are to be sold at Bond Wolfe Auctions’ next sale on Wednesday 3 July…

Family homes in East Midlands priced as low as £30,000

Three East Midlands homes with competitive guide prices of £30,000-plus are expected to attract strong bidding at Bond Wolfe Auctions’ next sale.

Leading the pack is a three-bedroomed, mid-terraced property at 62 Ambleside Drive in the Eyres Monsell area of Leicester, which boasts a driveway, front garden, central heating and double glazing. As well as having easy access to the city centre and Blaby town centre, the house is located just 2.5 miles from the Fosse Park Shopping Centre.

Another property with a guide price of £30,000-plus is a two-bedroomed, mid-terraced house at 17 Melbourne Street. The house is in need of modernisation but benefits from central heating and double glazing. It is also within half a mile of Coalville town centre.

A three-bedroomed, semi-detached house in need of renovation at 8 Shortlands in Belper is also guided at £30,000-plus. This property stands elevated from the road behind what could be an attractive front garden, and is only half a mile away from the town centre and train centre.

“All three of these properties could make great projects for first-time buyers or landlords looking to expand, and their competitive starting prices will make them popular,” Gurpreet Bassi, chief executive of Bond Wolfe Auctions, commented.

These properties are one of several from the East Midlands in what is Bond Wolfe Auctions’ third auction in a row to offer over 100 lots.

Another lot is a three-bedroomed, mid-terraced property at 26 Harrow Road in Leicester. With a guide price of £40,000-plus, the house is within 1.5 miles of De Montfort University and the Leicester Royal Infirmary, although it needs some modernisation.

Meanwhile, a four-bedroomed, mid-terraced property at 175 Birchwood Lane in Somercotes, Alfreton, will go under the hammer with a guide price of £50,000-plus. The double fronted house stands well back from the road behind a driveway and front garden, and lies close to the A38 and M1 motorway network.

Bassi added: “These five East Midlands residential properties show the volume of great investments we have at our auction and are a great example of the choice we will be offering from across the Midlands and further afield.”

Pair of neighbouring Birmingham homes priced at £50k on offer

A pair of neighbouring homes in Birmingham with a combined guide price of £50,000-plus will also be featured in Bond Wolfe Auctions’ next sale.

Fierce competition is expected from bidders for the rare opportunity to purchase the two semi-detached properties together at 5 and 7 Woodgate Lane in Quinton.

The house at no.5 has a reception room downstairs along with a kitchen and bathroom (neither of which has any fittings), while no.7 also has a reception room, a kitchen with no fittings and a pantry. While both houses need refurbishment, each has two bedrooms upstairs, a garden, outbuildings and a rear garage.

The properties are ideally located within walking distance of the Woodgate Valley Country Park and within one mile of Junction 3 of the M5.

Gurpreet Bassi commented: “These two homes will be priority targets for bidders as they may be suitable for redevelopment, subject to the necessary planning consents.”

“We expect potential purchasers with budgets for renovation will be keen to snap them up – either landlords looking to expand or first-time buyers with an eye for improvements.”

Another lot expected to attract bidders at auction is an end-terraced house with two bedrooms at 281 Pershore Road in Edgbaston, which has an attractive guide price of just £20,000-plus. The property comes with gardens and a rear garage; however, auctioneers have noted that the kitchen has been smoke damaged.

“The property is in a great location within walking distance of both Cannon Hill Park and the Edgbaston Cricket Ground,” Bassi continued.

“The competitive guide price is due to the smoke-damaged kitchen, but it has plenty of development potential, subject to planning permission and is likely to be popular with bidders.”

Other Birmingham property bargains on offer include a mid-terraced, three-storey house at 51 Avenue Road in the sought-after suburb of Kings Heath. The three-bedroom property has a guide price of £30,000-£35,000, which overlooks King Heath Park and is within walking distance of the high-street, although it is in need of refurbishment.

Bassi concluded: “We have a huge variety of properties to suit all tastes and are expecting a packed auction room with many other bids online and by phone.”

Nil reserve price for Lake District house

A rare nil reserve price has been placed on a house near the beautiful Lake District that is up for sale at Bond Wolfe’s next auction.

The two-bedroomed, mid-terraced property stands flush to the pavement at 107 Main Street in the village of Distington, near Workington, and is complete with a rear garden.

The house has a nil reserve price because it is currently vacant and needs renovation, although a neighbouring property sold for £55,000 back in 2012.

Gurpreet Bassi said: “It’s highly unusual to start auction lots with a reserve price of nil and we’re expecting intense interest in this property on 3 July.”

He said despite the property’s nil reserve price, a new owner could quickly create a decent place to live in or rent out.

Bassi further explained that reserve prices of nil meant that there was no minimum price, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property.

He added that some auction properties can have further costs and that it was always recommended that potential purchasers read the legal pack.

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Bond Wolfe Auctions launched in January 2019 and has already been instructed on 350 properties so far.

With its first two auctions having an average success rate over 87%, Bond Wolfe is establishing itself as one of the Midlands’ leading auctioneers.

All properties mentioned above will be part of the 120 lots in the auction at Villa Park on Wednesday 3 July and can be viewed here.

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