Flats complex at ex-pub sells for £751k at auction
Keen interest after conversion of The Still
A FORMER pub in Portsmouth which has been converted into flats has sold at auction.
Originally known as The Still, the site at Quinnell Court, on Kent Street, has been bought for £751,000.
The property, containing nine flats, was among 112 lots listed across southern England by Clive Emson Auctioneers.
Rob Marchant, the firm’s Hampshire auctioneer, said: ‘We anticipated keen interest, given that the gross rental yield at a purchase price of £751,000 equates to a decent return of just under 6.8 per cent, and this proved to be the case.
‘Inflation is at 7 per cent, and with double-digit figures forecast by the end of the year, savings money is losing value – and property investors with cash are making it work hard for better returns through buying bricks and mortar.’
In total, the flats, which include one-bedroom and studio properties, generates £51,000 in rent a year.
Mr Marchant added: ‘This freehold former public house, which was called the Still, is close to the main campus buildings at the city university and comprises nine self-contained flats – a mix of studio and one-bedroom units.’
Other lots which went under the hammer include two dilapidated garages, in Wordsworth Avenue.
It attracted major interest, with the lot selling for £21,505 after 27 bids.
The auctioneers set a guide price of between £8,000 and £9,000.
Other properties sold include a mid-terrace, twobedroom house, in Londesborough Road, Southsea.
It was acquired for £198,500 after 41 bids.
The next online auction from Clive Emson is on June 16, with lot entries closing on May 24.