Attractive investment properties close to University Hospital, Tile Hill railway station and the centre of Kenilworth are going under the hammer in Coventry on July 20 at Loveitts’ next auction.
Interest from landlords is expected to be high when bidding gets underway at the Village Hotel in Coventry at 6.30pm due to the potential rental yields which can be achieved making the properties an appealing proposition.
A total of 24 lots is to be sold in the auction, ranging from small parcels of land across the region to properties ripe for renovation and redevelopment.
One such is a semi-detached house in Cromwell Lane, Coventry, which has planning permission for conversion and extension into six self-contained flats. With a guide price of £245,000 to £265,000, it is convenient for commuters as it is close to Tile Hill railway station.
Loveitts Director and Auction Manager Sally Smith said: “Auctions are becoming an increasingly popular method of selling and buying property, and we have certainly had tremendous levels of interest in our four property auctions this year.
“We are attracting a lot of buyers from outside the area, particularly prospective landlords who are encouraged by the higher rental yields potentially achievable in Coventry and Warwickshire, yields of more than ten per cent are not unheard-of and there are a lot of potential tenants in the region ranging from students to young professionals to families.”
Another hot property which is likely to provide good rental income is conveniently located close to University Hospital, Coventry, making it attractive for staff who would like to live close to their work and avoid the daily commute.
The house on Cressage Road, Walsgrave, which has five lettable bedrooms capable of achieving rents of £400 -£450 a month from each tenant, has a guide price of between £180,000 and £200,000, giving a yield of around twelve per cent.
Bidding is also expected to be lively for a two-bedroom, top-floor flat in Kenilworth Hall close to Abbey Fields, in Kenilworth, which has stunning views over the town. The guide price is £140,000 to £160,000.
Sally added: “Competition is only likely to become more intense as auctions become more popular and buyers flock to them. In the last auction we had one very exciting bidding battle – we are expecting to see more of these.”