INVESTORS should look to Hull for high rental yields according to online auction experts John Pye Property.
The city centre, voted current UK capital of culture for 2017, is an area of high rental demand and landlords have the chance to invest in this sought after location when a six-storey period property goes under the hammer with John Pye Property this month.
The property, which benefits from excellent passing footfall thanks to its prominent location in the heart of Hull city centre, on the east side of Ferensway, provides a desirable mixed use investment opportunity.
With a nightclub and Chinese takeaway on the ground floor and business AAA Limited occupying the second floor, the remainder of the building is set up as office space but has potential to be converted into residential apartments subject to obtaining the necessary planning consents, with lift access and two separate stairwells to each floor. The property is on the market with a guide price of £500,000+.
Richard Reed MRICS, head of property at John Pye Property said:
“Hull’s high rental yields are the main attraction for investors in the area.
“One of the reasons behind this is that the city is currently undergoing major regeneration. As such companies including Siemens are investing heavily in the city’s economy and creating new jobs locally.
“Anyone purchasing this property potentially has the opportunity to convert the upper floors into apartments, subject to planning. With the building’s central location opposite the train station, the apartments would be ideal for professionals needing to relocate to the area and could provide a significant increase in rental income. The property is currently achieving £73,760 per annum.”
A studio flat in Hull is also set to go under the virtual hammer in John Pye Property’s online auction on September 13 and 14.
The flat on Broadley Close is just over 2 miles from the city centre and is also close by to the University of Hull, making it ideally situated for both students and professionals alike.
Currently rented for £250 pcm (£3,000 per annum) representing a gross annual yield of 12%, based on the lower guide price of £25,000.
Richard commented: “The open plan flat is in a popular residential location close by to the city and university. The property also benefits from a range of local amenities nearby, including an Asda supermarket and a retail park, as well as the famous Humber Bridge.”
The two properties are part of a £7 million auction featuring a range of commercial and residential property from across the UK.
Online auctions are fast becoming a conventional way to buy and sell properties and more people are using the method to boost their property portfolio.
“Our unique expertise across online auctions means the way we sell property online is a real unique selling point for vendors and is distinctive across the industry,” Richard added.
“The John Pye online property auction has grown significantly since its inception and with an online auction being held every three to four weeks there is constantly new property stock being offered to the market.”
John Pye Property regularly features properties from across the UK. Its monthly online property auction will go live on 13 September and finish on 14 September 2017.
Visit www.johnpye.co.uk/property-auctions to bid or phone 0115 970 6060 for more information. Viewings are available by appointment.