A newly converted six bed end terraced Newport house has been snapped up at auction.
Listed with a guide price of £297,000-plus the house of multiple occupation (HMO)at 14 St John's Road, Beechwood, Newport, sold or £326,000 after keen interest.
Debra Bisley, of Paul Fosh Auctions, said:
“The property has been completed to a very high standard which was reflected in the pre sale interest.
“The recently refurbished six bedroom HMO attracted a total of five bidders who could see the potential for the property in this desirable part of Newport close to the centre of the city. Eventually it sold after 10 bids were lodged.”
Debra said the sale underlined the keen interest from property investors in the city in acquiring tenanted quality, ‘ready to go' HMO properties.
Describing the lot Debra said:
“On the ground floor of the property is a hallway, two bedrooms, and an open plan kitchen/living area. On the first floor there is a bathroom, and three bedrooms of which two contain ensuites. The attic space has also been converted to one bedroom with an ensuite.
“All bedrooms are of a good size and are of modern design.
“The property has been sold partially tenanted, with rooms 1, 4, 5 and 6 occupied and currently achieving a total income £2,650 per a month. Once fully tenanted it is anticipated that the property could achieve approximately £3,950 per month. Based on the guide price this provides a yield of 13.7%
“Located a short distance from Newport city centre, this property is situated in the desirable area of Beechwood. Just a two minute walk to Chepstow Road, one of the main thoroughfares into the city centre and local bus stops makes the property ideal for commuters.
“Additionally it is some 10 minutes by car to the bus station and train station which provides links to Bristol, Cardiff and London.
“Due to its close proximity to the Royal Gwent Hospital, HM Passport office and The Celtic Manor Hotel, this property may be suitable for young professionals.”
The next Paul Fosh Auctions sale starts at 12 noon on Tuesday, August 29 and ends from 5pm on Thursday, August 31
www.paulfoshauctions.com
