Property auction: Four garages and two flats in Southsea among lots sold at online auction
TWO flats and four garages in Southsea are among a number of lots that have sold at auction.
Self-contained flats with two bedrooms each at Montgomerie Road in Southsea have been bought for £245,000 which currently let at £14,400 a year.
The garages at Pleasant Road, also in Southsea sold for £90,000, which was twice the guide price and attracted 48 bids.
These properties were among 121 lots listed across southern England by Clive Emson Auctioneers for the firm’s June online auction, which ended yesterday, (June 16).
Rob Marchant, the firm’s auctioneer, said: ‘There is always strong demand for lock-up garages in residential areas, hence keen interest from bidders.’
A range of properties across the Portsmouth region also went under the hammer.
A freehold double lock-up garage at Watersedge Road, Portsmouth, sold for £32,600, also double the guide price, with 81 bids made.
Rob said: ‘Based on the rental income and purchase price, the gross rental yield is nearly 5.9 per cent, which compares favourably to the newly raised UK interest rate of 1.25 per cent.’
A four-storey town centre building at Lavant Street in Petersfield also sold at auction for £400,000.
The property is rented out at £26,000 a year.
An end-terrace freehold house with three bedrooms ‘in need of largely cosmetic refurbishment throughout’ at 24 Arabian Gardens, Whiteley, went for £252,000.
While an investment two-bedroom flat Gosport High Street was purchased for £85,500, giving a gross rental yield of 9.8 per cent.
The next auction by Clive Emson ends on July 28, with lot entries closing on July 5.