The site has obtained planning consent for the erection of a two-storey residential development consisting of nine 1-bed apartments with nine under-croft car parking spaces. The former Perth Street Privates members club has been demolished and work has commenced whereby the steel frame has been erected on the site. Some beam and block floors and brickwork have also been installed. Plans are available upon request, or the planning information is available via the Hull City Council Planning Portal using website ref No. : 16/01727/FULL.
Location
This plot is located in the very popular Avenues residential area of Hull, close to all local amenities, including shops, public transport, bars, bistros and restaurants down Chanterlands Avenue and further along Newland and Princes Avenue. Convenient travelling distance for Hull city centre.
Planning Consent
Application No. 16/01727/FULL for the Erection of a 2-storey building with accommodation in roofspace to provide 9 Apartments with associated parking and bin storage was approved on 16th June 2017. Copies of the Notice of Decision and plans are available from the Hull City Council planning department public access site using the Application reference No.
Solicitor
Nexa Law. Ref: Joy Savill. 0330 024 24 20
Services
Mains water, electricity, gas and drainage are available in the area. Purchasers should make their own inquiries into the exact location and cost of connection thereto.
Tenure
Freehold with vacant possession upon completion.
Viewing
Strictly by appointment with the auctioneers on 0845 400 9900
Method of Sale
The property will be offered for sale by online auction, with bidding commencing at 12:00 p.m. on Monday, May 20th, 2024, and closing on Wednesday, May 22nd, at 1.00 p.m. For further legal information relating to this lot, please go to auctionhouse.co.uk/hullandeastyorkshire.
Conditions of Sale
The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer’s offices, with the solicitors and online at auctionhouse.co.uk/hullandeastyorkshire, before the date of the auction.
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) subject to a minimum of 0.3% of the sale price including VAT and a buyer’s premium of £600 (£500 plus VAT) in addition to the purchase price of the property.
Guide Price
Guides are provided as an indication of each sellers minimum expectation. They are not necessarily figures that a property will sell for and may change at any time before the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction), which we expect will be set within the Guide Range or no more than 10% above a single-figure Guide.
Disbursements
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Online bidding
If you want to bid on this property, copy and paste the link below into your URL bar or into a Google search, and it will take you to a video that explains the process: youtube.com/watch?v=ImXr4HXR36c
Tenure : Freehold
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 0 | ||
| £250k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 3 | ||
| £250k to £925k | 8 | ||
| £925k to £1.5m | 13 | ||
| rest over £1.5m | 15 |
| Tax Band | % | Taxable Sum | Tax |
| less than £425k | 0(5)** | ||
| £425k to £625k | 5 | ||
| £625k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
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