A portfolio of eight townhouses along with land suitable for further residential development, in the Reddish area of Stockport, is to be auctioned next week, with a £1.6m guide price.
The fully-let development of eight, three-storey, four-bedroom townhouses generates an annual rental income of £125,000 and the houses have been valued at £300,000 each, giving a gross development value of £2.4m.
A parcel of land, which auctioneers say could be suitable for the development of a large residential property, is also included in the sale.
The entire portfolio will be up for sale in an online timed auction held by SDL Property Auctions, part of Eddisons, on 25 March with a minimum opening bid of £1.6m.
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.”
