The Auction House have just sold a rather unusual lot at their latest auction - an entire street of houses.
Denton Terrace in Morley was originally built by a father for his daughter, the idea being she would live in one of the properties and claim an income from renting out the rest.
After the previous owner of the block died, the properties passed into possession of a charity and they have just been snapped up for a cool £426,000 by Leeds investor William Langton, a well-established property investor/landlord.
A spokesman for Auction House said he would be refurbishing the empty properties before letting them, adding existing tenants will remain in occupation.
Denton Terrace in Morley around 100 years ago. He gifted them to his daughter so she could live in one and rent the other homes out. This provided her with an income and left her well-provided for.
Her recent death has prompted the sale of the ten, one-bedroom properties. They are set to go under the hammer at the next Auction House event with a guide price of £360,000 to £380,000.
Three of the homes are vacant and seven are tenanted. The sale is likely to appeal to investors, as the rental portfolio has an annual income of £13,750.
Auctioneer and managing director of Auction House West Yorkshire, David Pank, said: “This was a very rare opportunity. It’s unusual to get a whole block of houses for sale in a single lot and the fact they’ve been in the same ownership for so long is also quite remarkable. They are believed to have been in the same family for close to 100 years.”
Although they have been updated over the years, all ten homes require some modernisation. They each have a living room/kitchen on the ground floor with one bedroom and a bathroom on the first floor. The five properties to the front are street lined, while the five at the rear have their own gardens and overlook playing fields.
The seven rented houses are on lifetime tenancies, so the occupants have security of tenure as long as they pay the rent.
The Auction House auction was at Elland Road Stadium, Leeds, on May 21 at 2pm, www.auctionhouse.uk.net/westyorkshire
Putting homes under the hammer is becoming much more popular, thanks to the prospect of a speedy sale.
Auction House say they have record lot numbers in this month’s sales. A total of 432 lots are listed nationwide, compared with just 262 last year, an increase of almost two thirds.
The brand, which has a successful West Yorkshire office run by well-known property personality David Pank, is also reporting a rise in sales, which are up 12% compared to this time last year.
Mr Pank said: “Our philosophy of selling local property to local buyers through regional auction rooms is a winning formula.”