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These are the bargain homes for sale at auction in Coventry – Coventry Telegraph

A Coventry house which could be turned into six flats and could sell for as little as £245,000 is just one of the investment opportunities up for grabs at a property auction in the city next week.

The semi-detached house in Cromwell Lane, close to Tile Hill[1] railway station, is one of the properties that will go under the hammer at the next Loveitts’ auction in Coventry on July 20.

The property has planning permission for conversion and extension into six self-contained flats has a guide price of £245,000 to £265,000.

The semi-detached house in Cromwell Lane being sold at the next Loveitts' auction

The semi-detached house in Cromwell Lane being sold at the next Loveitts’ auction

It is one of a number of properties that are set to appeal to landlords when bidding gets underway at the Village Hotel in Coventry[2] at 6.30pm.

A total of 24 lots are being sold in the auction, ranging from small parcels of land across the region to properties ripe for renovation and redevelopment.

Interest from landlords is expected to be high due to the potential rental yields which can be achieved on some of the properties, making them an appealing proposition.

Another property which is likely to provide good rental income is located close to University Hospital, Coventry[3], making it attractive for staff who would like to live close to their work and avoid the daily commute.

The house on Cressage Road, Walsgrave, which has five lettable bedrooms capable of achieving rents of £400 to £450 a month from each tenant, has a guide price of between £180,000 and £200,000, giving a yield of around 12 per cent.

The house in Cressage Road, Walsgrave, being sold at the next Loveitts' auction

The house in Cressage Road, Walsgrave, being sold at the next Loveitts’ auction

Bidding is also expected to be lively for a two-bedroom, top-floor flat in Kenilworth Hall close to Abbey Fields, in Kenilworth, which has great views over the town. The guide price is £140,000 to £160,000.

A two-bedroom, top-floor flat in Kenilworth Hall close to Abbey Fields, in Kenilworth, which is being sold at the next Loveitts' auction

A two-bedroom, top-floor flat in Kenilworth Hall close to Abbey Fields, in Kenilworth, which is being sold at the next Loveitts’ auction

Loveitts director and auction manager Sally Smith said: “Auctions are becoming an increasingly popular method of selling and buying property, and we have certainly had tremendous levels of interest in our four property auctions this year.

“We are attracting a lot of buyers from outside the area, particularly prospective landlords who are encouraged by the higher rental yields potentially achievable in Coventry and Warwickshire when compared with London and the South East.

“Yields of more than ten per cent are not unheard of and there are a lot of potential tenants in the region ranging from students to young professionals to families.”

“Competition is only likely to become more intense as auctions become more popular and buyers flock to them. In the last auction we had one very exciting bidding battle – we are expecting to see more of these.”

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