Clive Emson Auctioneers will be auctioning off multiple properties next month
Several properties across Portsmouth will be going up for auction next month.
As the property market has seen a huge increase in prices and interest rates, many people will be looking elsewhere, and there is going to be 142 lots in the first of eight auctions this year by Clive Emson Auctioneers.
The upcoming aution will end on February 8, 2023, and the bidding will be open 48 hours prior to this.
Mike Marchant, a senior auction appraiser with the firm, a member of Portsmouth Property Association, said: ‘At the top end of the guide price, based on the current income, the gross yield before costs comes to nearly 10%, in touching distance of the current inflation rate of 10.5 per cent.’
A number of investment flats will also go under the hammer, with joint auctioneers Chinneck Shaw and amongst them is a pair of two two-bedroom flats at 104 Gladys Avenue, Portsmouth, which generate £18,540 in rent per year, and they will have a guide price of £180-200,000.
A two-bedroom, ground floor flat at 351A Forton Road, Gosport, which was previously used as an income-producing letting investment, comes with an allocated car parking space and a small private garden. This will have a guide price of £100-110,000, with a 125-year lease from 2018.
Cosmopolitan House has a property that will be guided at £400,000-plus and there is freehold land spanning 0.7 acres of land north-east of The Farmer’s Home pub, Heathen Street, Durley, which is guided at £200-£220,000.
Rob Marchant, Clive Emson Auctioneers’ Hampshire auctioneer, said: ‘This enclosed field is a rare opportunity to acquire one of the last undeveloped street-facing sites in this popular village.’