Loveitts selling freeholds at property auction

Sally Smith, Loveitts Director & Auction Manager

Freehold interests in two pieces of land and property in Coventry and Warwickshire are going under the hammer at the next Loveitts auction on Thursday, July 11th.

Investors are expected to bid for the lots which under current legislation include the prospect of gaining income when short lease terms are up for negotiation.

The first lot is the freehold interest of land on which four maisonettes and associated garages stand in Oaks Place, Longford, Coventry, guide price £5,000 to £8,000.

The lease on one of the maisonettes has just over 45 years to run, expiring on 1 August 2064, and the other leases have between 84 and 115 years.

The second lot is the freehold interest in a semi-detached house in Fair Isle Drive complete with the grass verges, roads and pathways along part of Fair Isle Drive, The Raywoods and Oldany Way in Nuneaton, Warwickshire.

It comes with a ground rent income of £25 a year, the prospect of renegotiating the lease on the house which has 45 years remaining, and a guide price of £6,000 to £10,000.

Loveitts’ Director and Auctioneer Sally Smith said: “Freehold interests have proved very popular in the past when they have come to auction, therefore we are expecting a lot of interest in these two lots.

“Owning a freehold can be a great opportunity to generate future income – it’s a long-term investment for the patient investor.”

The two freehold interests will be among 26 lots up for sale at the Loveitts’ auction at the Village Urban Resort Hotel, Canley, Coventry, at 6.30pm on Thursday, 11th July.

Properties include homes in Nuneaton, Coventry, Rugby, Kenilworth, Leamington, Stratford-on-Avon and Warwickshire villages, with the most expensive being a three-bedroomed terrace house with a guide price of £350,000 to £375,000 in Leamington.