When does a terrace house in Wales cost £1. 25m? When it is the whole row of terrace homes that you’re buying.
That’s the unusual property offering in a Welsh village, where an entire row of patio homes has just gone on the market as an online auction lot with a guide price of £1. 25m.
It might be a way of taking all your family and friends on your next move with you, or controlling who your neighbours are, but in reality it is being marketed by the agent as a sale aimed at property investors who want to expand or even start their rental portfolio.
The row associated with red brick houses is in the popular village of Ruabon, about six miles outside Wrexham.
Local history states that people have happily called the area their home for thousands of years, but this particular row of homes date back to 1896, built by a single developer and purchased by the current owners in 1998.
The sale is for 14 homes, 12 of which are two-bed properties with the remaining two providing three bedrooms, and all have private, enclosed rear gardens.
Estate agents Belvoir states that during this most recent period of ownership the owners have ‘diligently undertaken a programme of works that have been aimed at continually improving, updating both the standard and quality of the accommodation’.
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The real estate agent says eight of the of the properties have benefitted from ‘back-to-brick’ renovations since purchase with some major and significant improvements in others that includes fire breaks in all lofts, new facias, guttering, front doors and windows. A full list of works carried out can be obtained from Belvoir, Wrexham branch.
Currently the current two renovated properties are being sold as vacant and should this be the case at point of sale it could provide a prospective complete flexibility in either deciding to sell or re-rent the units. Of the other homes, one tenancy is a pre 1988 tenancy and has been occupied since 1971.
The broker states the terrace is currently achieving 7. 29% gross yield, providing a regular and a consistent source of rental income of around £91, 110, with many tenants being long standing, but they conservatively project based on current local rental comparables, that a gross associated with yield of 8. 51% is comfortably attained increasing yield to £106, 200.
A detailed breakdown of all rental values of the 14 dwellings will be available to anyone who registers for the sale. Viewings from the properties can be arranged by contacting Belvoir, Wrexham on 01978 340030.
The terrace of 14 homes is going to online auction with iamproperty. com with a guide of £1, 250, 000, with the public sale ending on Friday January, 20, 2023.
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