An investment property in Clifton’s historic Royal York Crescent has been sold successfully at a Bristol auction after failing to find a buyer at a similar sale in London.
The one-bedroom flat sold by Auction House (West of England), whose special experience and knowledge of the local property market enabled the firm to guide the disappointed vendor to success.
Auction House UK Bristol director Peter Beddoe, pictured, said: “After competitive bidding at our monthly auction in Bristol Museum and Art Gallery, we sold this one-bedroom regulated tenancy flat for £85,000, despite it not being entirely self-contained.”
A ‘regulated tenancy’ is the term used to describe a residential rental agreement which began before January 15, 1989, whereby the tenant has the right to occupy the property for as long as he or she wishes.
“The price we achieved reflects the current level of market interest in investment properties of this type in this location,” said Peter, a leading Clifton property specialist who can draw on 40 years of personal experience in the local market.
“When selling a regulated tenancy at auction it is essential that the vendor seeks expert guidance from a firm with the necessary experience to advise correctly.
“Motivated vendors are much more likely to achieve sales if they accept the prices which we advise are realistic and by applying sensible reserves. Buyers will be put off if the reserve is over-optimistic.”
Auction House’s approach is that properties for sale are given maximum exposure locally, regionally and nationally. With a strong online presence, the firm draws bidders from abroad, as it did in this case with the purchaser, who lives in France.
“The rental income from this property means that the new owner will achieve an annual return of around five per cent on the investment,” said Peter. “This underlines the returns available from bricks and mortar, even in the current economic climate.”
* The next Auction House auction in Bristol will be in the city’s Museum and Art Gallery in Queen’s Road on Wednesday, December 5 at 7 pm. To place a property in the auction, or find about those to be offered for sale during the evening, call 0117 946 4949 or 01454 855060. Alternatively visit www.auctionhouse.uk.net/westofengland
