LOCAL estate agency Romans says there has been a surge of interest from property investors
LOCAL estate agency Romans says there has been a surge of interest from property investors keen to buy at their auctions thanks to the quick and simple purchasing system involved.
“Investors look for well-priced properties, especially when they’re growing their portfolios,” said Romans director and auctioneer Simon Clayton.
“Often the properties they buy at auction were hard to sell on the open market. This could be due to a number of reasons â?? they might need modernisation, the remaining lease could be very short, or the property is a house in multiple occupation (HMO).”
He continued: “Nearly all of the buyers that attend our auctions are cash buyers, as completion normally takes place four weeks after the auction date.
“Auctions naturally create a competitive atmosphere, and as all interested parties are publicly bidding for the property you can rest assured that the best price was achieved on the day, subject to the reserve price.”
Viewing times are now available for all lots at the next auction on Wednesday (June 24) at 1.30pm. The venue is the Green Park Conference Centre in Reading.
Standard Property has spotted an 11-bedroom, detached property on Baskerville Road in Sonning Common which is going under the hammer with a guide price of £520,000.
Formerly the Orchard Lodge Nursing Home, this property has the potential for a change of use and with some modernisation would make a substantial family home.
Simon Clayton said: “We sold a similar-sized care home in Aldershot last year which attracted a lot of interest and sold for its guide price of £550,000.
“We’ve already received many enquiries about this property and I’m sure it will sell for a good price at the auction. It offers brilliant potential to both developers and owner-occupiers.”
There are also four bungalows going under the hammer.
Simon said: “Bungalows are always very popular thanks to the generous plots of land they tend to sit on, offering fantastic potential for extension or redevelopment, subject to planning permission being granted.”
One bungalow, in Hemdean Road, Caversham, has a guide price of £550,000. The three- to four-bedroom home is in an elevated position and has half an acre of garden surrounding it on all four sides.
To see all the details and viewing times for the properties listed in Romans’ June auction visit: www.romans.co.uk/auctions