Leeds property: 12 fully let studio flats in Horsforth to go under the hammer
“Opportunities to acquire a fully-tenanted residential property of this scale in Horsforth don’t come along very often”
A large Edwardian detached house in Horsforth, which has been converted into 12 studio flats, is to be auctioned this month with a guide price of £595,000.
Built in the early 1900s, the grand, stone-built property on on Outwood Lane, which includes a large front garden and rear parking area, will feature in the next live stream auction held by BTG Eddisons Property Auctions on Wednesday, July 29.
All 12 studio flats are currently let, generating £57,000 per year.
According to auctioneers, the potential rental income is likely to reach £90,000 to £100,000 once all the units have been modernised.
Chris Jackson, associate director at BTG Eddisons Property Auctions, said: "Opportunities to acquire a fully-tenanted residential property of this scale in Horsforth don’t come along very often. The area’s loved for its community feel, local shops and bars, and its transport links, making it one of the most popular places to live in Leeds. In an area where demand for rental accommodation always outstrips supply this is a fantastic long-term investment.”
He added, "Depending on planning, a buyer could easily refresh the apartments, completely redevelop the site, or even convert the building back into a stunning family home. For this reason, we expect a lot of interest on auction day."
* For more details and bidding information, visit: www.btgeddisonspropertyauctions.com