Lot 10, a property portfolio guided at £17,500,000 – £18,500,000 is set to go under the hammer at Connect UK’s April auction. The portfolio, based in and around the prestigious London capital comprises of a mixture of freehold and leasehold properties generating a mighty £1,846,183 per annum with a 10.5% yield.
Listed on numerous portals as one of the largest lots to ever go to auction, Connect UK Auctions are thrilled to be part of the process while acknowledging that 2021 has proved nothing but a positive first quarter.
Buyer demand seems strong and even stronger with the imminent lifting of restrictions and without banging our own drums, Connect UK Auctions sold a mighty 94% of lots entered in their February auction through the unparalleled, live and interactive Connect Realtime® bidding platform.
CEO of Connect UK Auctions, Zad Siadatan commented “With the changes which has been forecasted to CGT and numerous other legislations, many landlords are seeking an alternative route of disposal. Auctions provide speed and certainty and it’s clear throughout the UK that property auctions are becoming increasingly popular.”
Disposing of a portfolio is now quite common and the key to selling a portfolio of such a size (131 units) is in the preparation. Taken that this one in particular is fully let, each potential buyer will wish to see all legal documentation for every unit, including proof of the rental income and tenancy agreements which Connect UK helped in compiling.
Many portfolio owners will ‘drip feed’ properties into the market over a stretched period of time in order to maximise the selling value however many can be attracted to the thought of one sale, one transaction. The benefits of selling this way outweigh the discount buyers will receive upon purchase, which is why we are seeing more and more properties sell through auctions.
Bringing one of the highest profile transactions in the property investment sector in recent years, this has caused a stir in the market and Connect UK Auctions are certain there will be many more.