Birmingham high-rise homes with £10,000 rental income head to auction
Two modern high-rise apartments in Birmingham city centre’s eye-catching Beetham Tower - known locally as 'the shower cubicle' - are set to appear in Bond Wolfe’s next auction.
The latest two properties, both offering panoramic views across the city, are located on the 22nd and 24th floors of the 39-storey building at 10 Holloway Circus, which also houses the Radisson Hotel Birmingham on its first 20 floors.
Apartment 2201 is a one-bedroom unit with a guide price of £90,000+, while Apartment 2405 is a two-bedroom apartment with a guide price of £115,000+. Both will be included in the livestreamed auction on Thursday, March 26.
James Rossiter, associate director at Bond Wolfe, said two similar apartments in Beetham Tower sold at auction last year for around 10 per cent above their guide prices.
Beetham Tower overlooks Holloway Circus on the Inner Ring Road, an area often referred to as “Pagoda Island” due to the 40-foot Chinese pagoda located there.
The pagoda was gifted to the city by the Wing Yip brothers, founders of a well-known Chinese supermarket chain, and has become a landmark for nearby Chinatown.
Mr Rossiter said: “What we have here are two residential property investments in a purpose-built block with a communal entrance, both generating healthy rental incomes.
“Apartment 2201 comprises a hall, an open-plan reception, kitchen and dining area, a bedroom and a bathroom.
“The property is currently let at £875 per month, generating £10,500 per annum, and the sale is subject to this existing tenancy.
“Apartment 2405 includes a hall, an open-plan reception, kitchen and dining area, two bedrooms and a bathroom.
“This property is currently let at £1,100 per month, generating £13,200 per annum, and will also be sold subject to the existing tenancy.”
Both leasehold properties benefit from electric heating, a concierge service, and long leases of 999 years from January 2003. Offers in excess of the guide price may be considered prior to the auction.
The development is just a short walk from Birmingham New Street station and close to the city centre’s shops and amenities.
The apartments are among 178 lots due to go under the hammer in Bond Wolfe’s next auction, which starts at 8.30am on Thursday, March 26 and will be livestreamed, with bidding available by proxy, telephone or online.
