Newly-developed Birmingham HMO for sale in Bond Wolfe February 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, at 284 Shirley Road, comprises a detached home converted into a four-bedroom HMO – house of multiple occupancy – 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 8 February, as property investors seek to boost their buy-to-let portfolios.
James Mattin, our managing director and chief auctioneer, said: “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 on the popular Shirley Road, close to its junction with Dolphin Lane, close to all the local amenities. 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. Outside is a front driveway and rear garden. The sale is freehold subject to the existing tenancy, with the properties let for a term of three years from 3 July 2023, at a passing rent of £21,600 per annum.
Mr Mattin added: “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 scores of lots that are appearing in our next auction, which will start at the earlier time of 8.30am on Thursday 8 February.
* Each property is subject to a reserve price which may be different from the guide price. Please refer to the Important Information and legal pack(s) for further information and any additional fees which may apply.