Colonel Drive, Liverpool, L12 – Auction Property – 2-bedroom apartment
Several new properties have just been advertised, they are two bedroom apartment located on a popular development in West Derby.
There are currently six similar properties ready to go to auction through Lansdowne Auctions, one being ground floor and the 2nd being second floor and the ground floor generating an income per month of £525pcm.
All properties are available at a guide price of £70,200 and although their properties were originally sold for in excess of £140,000, most recently they’ve been sold for between £70,000 and £80,000 (repossessions) then they offer great value. I’ve had a similar property valued twice over the past 3 years and the valuation for a bank has been £80,000.
If any of these properties could be purchased for £82,000 then the purchaser would be receiving a 10% below market value on an already reduced property.
The development is well kept and the management company are doing a good job with the service charges only £684 per annum with a ground rent of £150 per annum, then this offers good value for money.
If purchased for £72,000 and generating a £6,300 income with some yearly deductions of £834 this gives a net yield of 7.6%.
Click here to view both properties, but be quick as the auction takes place on the 24th February.