A CITY centre office block in Southampton is to go under the auctioneer’s hammer in a receivership sale.

With a guided leasehold at £80-£90,000, the 5,780 sq ft property, called Oxford House in College Street, is among 31 lots being sold by regional land and property auctioneers Clive Emson.

Rob Marchant, auctioneer, said: “We’ve been instructed by the receivers to sell Oxford House, which is on the remainder of a lease from August 1999 to December 2028 at a rental of £8,000 per annum.

"We anticipate keen interest from the commercial property investment market.”

Daily Echo:

Also under the hammer in a receivership sale is a block of 15 upper flats at 33-35 Victoria Road, Woolston, Southampton.

The flats, comprising one and two bedrooms, are above a parade of shops in the main shopping street and are currently let at £79,920 per annum.

Guided at £800-£850,000, with a 999-year lease, Rob describes them as a “residential investment opportunity”.

He added: “Speaking generally, Auctions continue to offer excellent opportunities, especially now that the supply of homes across the UK has reportedly fallen to the lowest level since records began 37 years ago.

“The average property price in the UK is now £272,000, according to latest ONS figures, so buying on the gavel can provide a cheaper and quicker alternative.”

Starting at 11am, the auction takes place at the Ageas Bowl, near Southampton, on July 28.

Last month’s round of five Clive Emson auctions across southern England, of which the Ageas Bowl was one, raised £21m, with an 83 per cent success rate.