A 19 room Bognor Regis house of multiple occupation sells for more than £1million

The HMO at 3-4 Albert Road was among 163 lots – the highest so far this year – in the latest auction held by one of the top five property auctioneers in the UK, Clive Emson Land and Property Auctioneers.

It went under the gavel at £1.051 million at the firm’s auction which ended on Wednesday, September 21.

The fully let HMO generates nearly £127,000 per annum, equivalent to an inflation-beating yield of more than 12.7 per cent before annual costs, the auctioneer said.

Senior auction appraiser and auctioneer Richard Payne said: “That this lot was sold for more than £1 million demonstrates that high level investors are out there when the right properties become available.

“We considered that this property, comprising two adjoining buildings arranged over four floors in a central and convenient location between the seafront and town centre, provided an excellent investment opportunity.

“Our bidders certainly agreed – and it may well be an apposite time to bring similar properties to market.”

The Albert Road HMO includes 19 letting rooms with their own kitchen facilities and shared WC and shower rooms, a communal laundry room and two self-contained studio units at the back on the ground floor.

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The units, which have balconies or patios to the back, are let on assured shorthold tenancies.

Clive Emson Auctioneers holds auctions eight times a year with offices in Essex, Kent, Sussex, Hampshire and the West Country.

The next auction ends on Wednesday, November 2. Closing date for entries is October 14.