Wolverhampton investment opportunity in online auction
A string of four neighbouring Wolverhampton homes converted into flats carries a £1 million price tag heading into Bond Wolfe Auction’s next sale.
The four semi-detached properties – 117 to 123 Tettenhall Road – have been turned into 18 apartments.
The lot is entered in the online auction on Wednesday, October 28 as a residential investment property with development potential, with a guide price of £1 million.
It is the latest in a growing number of commercial and residential investment properties now coming to market through BWA auctions.
The surge has come after Bond Wolfe announced the intention to start commercial-only auctions in the spring of 2021 as the main auctions were regularly attracting 200 plus lots, resulting in online, livestreamed auctions of over 10 hours.
Ron Darlington, consultant director at Bond Wolfe Auctions, said: “This is an attractive site in a popular part of the city.
“The development potential makes the £1m price tag particularly good value and we are expected a considerable degree of interest from property investors with an eye for a bargain. The state of the property market means demand for residential development opportunities continues to be extremely strong at present, so we expect bidding to be fierce for this lot.”
All the apartments are currently let on assured shorthold tenancies
The properties have been converted into ten one-bedroom flats and eight studio apartments. Planning consent has already been granted to convert two flats into four. Planning permission is also expected to be granted before the auction for the erection of a pair of semi-detached houses fronting Cranmore Road.
The Tettenhall Road site is among a catalogue of 212 properties to be offered on October 28 in the fourth online auction held by Bond Wolfe Auctions since Covid-19 restrictions were introduced in March.
