Newly-developed HMO is prime investment star of imminent auction

A recently completed residential development in the Birmingham suburb of Acocks Green will feature in Bond Wolfe’s next live-streamed auction, with a guide price of £200,000.

The property comprises a detached home converted into a four-bedroom HMO with two further one-bedroom flats at the rear. Generating a gross annual income of £21,600, it is likely to be a star of the auction, on Thursday February 8. 

James Mattin, managing director and chief auctioneer at Bond Wolfe, says: “This is a prime opportunity for entrepreneurs and seasoned investors to benefit from the recent development of this site, which is now fully let and generating a very respectable rental income.

“The property comprises a recently converted detached dwelling now offering a four-bedroom HMO with an additional two separately accessed one bedroom flats. Flat 1 is by way of an extension to the side of the main dwelling , while Flat 2 is a separate detached dwelling within the grounds to the rear of the property.

“The majority of the development works to the main dwelling have been completed with further finishings required to the kitchen.

“We are anticipating high demand; this is a well-executed development in a popular Birmingham suburb a short distance from Birmingham’s buzzing city centre.”

The property occupies a substantial 0.22 acre site and the main dwelling has an entrance hallway, three communal living rooms, a house bathroom, utility room, kitchen and dining room, four letting rooms and three ensuite bathrooms. Flat 1 has a bedroom with ensuite bathroom and a lounge. Flat 2 has a bedroom, lounge, bathroom and a kitchen.

The sale is freehold subject to the existing tenancy, with the properties let for a term of three years from July 3 2023, at a passing rent of £21,600 per annum.

Mattin adds: “We are advised that some building regulations are awaiting sign off. Furthermore, we have not had confirmation or site of planning permission for the conversion of the main dwelling or the garden flat.”

The Acocks Green property is just one of many lots appearing in Bond Wolfe’s auction, starting at 8.30am on Thursday February 8.