A mixed-use development on Fenny Stratford high street has been sold at auction for £1.3 million.
53 – 57 Aylesbury Street, on the edge of Milton Keynes, was due to go under the hammer on November 8th as part of Auction House Beds & Buck’s livestream auction.
Situated in a prominent high street position, the premises comprises of five commercial units on the ground floor and four residential apartments at first floor level. Available on a freehold tenure, the property is fully let, generating a gross income of £105,600 per annum.
The five commercial units all benefit from high street window displays and pedestrian access and are currently home to four local businesses including Discount Domestic Appliances and Ally's Beauty Place. Each unit is let on a minimum 5-year term generating a strong £53,100 per annum.
Four newly renovated apartments can be found on the first floor. All tenanted and generating £52,800 per annum, they feature open plan kitchen/dining areas, two bedrooms, a modern bathroom, and a balcony.
Based in a busy commercial and residential area of Milton Keynes, the property benefits from parking facilities at the rear. The 24-space car park is shared between the residential and commercial units with the remaining spaces controlled by Napier Parking Ltd.
Advertised as “an unmissable opportunity for investors,” 53 – 57 Aylesbury Street was expected to fetch between £1,100,000 to £1,300,000 at a livestream auction held on November 8th by Auction House Beds & Bucks.
Instead, the mixed-use development was snapped up prior to auction, with a sale finalised at the top end of the guide price, totalling £1.3 million.
The impressive sale comes during a record-breaking year for the auction group. As an increasing number of vendors are choosing to sell their properties under the hammer, Auction House UK has seen a 20% surge in the number of auction sales in the past year.
Managing Director, Jeremy Prior commented: “The auction market is simply getting busier and busier. But as a company, what we’ve managed to crack is the ability to track down those elusive buyers who are still prepared to open their wallets. Because, without doubt, there are some excellent opportunities for investors out there.”
Interested in learning more about buying and selling property at auction? Contact Auction House today to get your questions answered.