Reddish housing development up for auction with £1.6m guide price
Eight townhouses in Reddish are set to be auctioned next week, with a £1.6m guide price.
Also included in the sale is a parcel of land, which auctioneers say could be suitable for the development of a large residential property.
The development comprises eight, three-storey, four-bedroom townhouses, which generate an annual rental income of £125,000.
The houses have been valued at £300,000 each, giving a gross development value of £2.4m.
The entire portfolio will be up for sale in an online timed auction held by SDL Property Auctions at 12pm on 25 March with a minimum opening bid of £1.6m. The auction will close at 2pm the following day.
Andrew Parker, auctioneer and partner at SDL Property Auctions, said: "Rowsley Grove is potentially an exceptional investment opportunity. These are well-appointed houses and with a rental income that represents a yield of 7.8% against the guide price.
"There is also the option, subject to gaining the necessary planning consent, to build a further large residential unit, such as a house of multiple occupancy (HMO) on the land adjoining the properties."
He added: "Reddish has great transport links, with the M60 and A6 close by as well as several train stations. Manchester and Stockport are both on the doorstep and the properties are in walking distance of Reddish Vale Country Park, which is a beautiful green space that is much loved by local residents."
For more information about the eight houses and land in Reddish, or to register to bid, go to sdlauctions.co.uk.
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