A Pb-62% Sn two-phase eutectic alloy was processed by high-pressure torsion (HPT) and stored at room temperature (RT) to investigate the occurrence of self-annealing. The microstructural characteristics and mechanical properties were recorded during self-annealing using scanning electron microscopy, tensile testing and nanoindentation. Processing by HPT produces a weakening effect but storage at RT leads to a gradual increase in the hardness together with significant grain growth. Nanoindentation tests were performed by applying both the indentation depth-time (h-t) relationship at the holding stage and the hardness, H, at various loading rates in order to explore the evolution of the strain rate sensitivity (SRS), m. The results obtained by tensile testing and nanoindentation are consistent despite the large difference in the volumes of the examined regions, thereby confirming the validity of using nanoindentation to measure the strain rate sensitivity.