Property Of The Week, 13/01/2012

NOT just one property but half a dozen, all two bed flats in a newish block in Sale.

As Paul said: “There seems to be money around. We have had interest from local property investors and are doing a couple of individual viewings as well as a block viewing.”

They have been repossessed by the bank and are being auctioned later this month with guide prices ranging from £65,000 to £75,000 depending on the floor.

A quick check of the M33 3PY postcode shows other flats at Wood Court on Brooklands Road sold for over £150,000 at the peak so little surprise they are causing a flurry of interest from investors with one apparently flying in from Spain just to give them the once over.

But there is a catch.

There is no management company in place and with no management in place you will not get a mortgage so you have to have the cash.

Paul Silvester is from Bridgfords in Sale whose parent company Countrywide is running the auction.

He said: “Other apartments in the development are properly managed but not these and banks will not lend without that in place.

“So we are looking for cash investors.”

While not paying a monthly management charge will have saved money it does mean the building has suffered with the communal areas looking shabby and there will be no sinking fund for large repairs and maintenance.

But according to Paul the flats themselves are in good condition. He said: “You would not have to do too much to have them ready in a couple of days.”

The likelihood is that one investor will try to buy all six to keep control and form their own management company or approach one of the others already operating on the development.

As Paul said: “There seems to be money around. We have had interest from local property investors and are doing a couple of individual viewings as well as a block viewing.”

Each of the two beds would rent for between £600-£650 giving a 10% return if you got the flats for an average £75,000 each.

If you fancy playing property investor speak to Bridgfords for details  http://www.bridgfords.co.uk/contact#z  and Countrywide about the auction on 20 January at Haydock Park Racecourse. 0870 240 1140

You can keep a check on all auctions and sold prices by registering with the Essential Information Group http://www.eigroup.co.uk It costs £150 for 3 months or £450 for the year.