Former sheltered housing and accommodation for the elderly in Redhill to go under the hammer (From Redhill And Reigate Life)
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Former sheltered housing and accommodation for the elderly in Redhill to go under the hammer
9:00am Thursday 29th August 2013 in Local News
A nine-bedroom house in Redhill, which for years served as sheltered housing and accommodation for the elderly, is to go under the auctioneer's hammer.
Hillary House in Warwick Road is to be sold through auction in Brighton next month.
Bids will be being accepted for the house at the Hilton Brighton Metropole hotel on Monday, September 16.
The building will have a freehold guide price of £500,000 to £550,000.
It will be one of 24 lots being sold by regional land and property auctioneers Clive Emson.
The auctioneer has lately seen an upturn in interest in its auctions, with some other East Surrey lots recently selling for well above their estimates.
Hillary House is another lot expected to draw keen bidding because of its size and scope for possible renovation or conversion.
Sam Kinloch, senior auction valuer, said: "Hillary House, currently boarded up, requires complete refurbishment, or it could be converted into two semi-detached homes, or into flats - subject to planning consents." Mr Kinloch said: "With the Bank of England signalling that record-low interest rates are to remain for three more years, investors are looking to beat inflation with buy-to-let purchases, backed by mortgage credit becoming more easily available.”
He said: "The average buy-to-let gross yield is reportedly at 5.3%, so you can see why savers are piling into property, reflected by the fact that in our last three auctions some lots have gone for well above estimate."
The auction, the sixth of Clive Emson's eight regional sales this year, will take place at The Hilton Brighton Metropole, Brighton, on Monday, September 16, at 11am.