Five self-contained flats - end terrace for Sale by Auction
A substantial three-storey end-of-terrace house that has been converted into five self-contained flats. Three of the five flats are currently vacant and would benefit from some mainly cosmetic renovation and the other two are let on assured shorthold tenancies producing a gross income of £8,700 pa. When fully let following renovation, it is estimated that the five flats will produce a gross income in excess of £20,000 pa. The property is fully double-glazed (although some glass panels need replacing) and heated from a mixture of electric heaters and a gas-fired boiler in Flat 1.
Location
The property is well located on a mixed residential/commercial road with easy access to local amenities, the town centre, and transport links.
Accommodation
Flat 1 (First Floor)
Hall, Living Room, Kitchen, Two Bedrooms, Bathroom. Electric heating.
Flat 2 (First Floor) - Not inspected but understood to comprise
Living Room, Kitchen, Double Bedroom, Shower Room. Electric heating.
Flat 3 (Second Floor)
Hall, Living/Bedroom, Kitchen, Bathroom
Flat 4 (Ground Floor)
Hall, Living Room, Double Bedroom, Kitchen, Bathroom. Gas-fired heating to radiators.
Flat 5 (Ground Floor) - Not inspected but understood to comprise
Hall, Living Room, Bedroom, Bathroom. Gas-fired heating to radiators.
Outside
Forecourt to the front and side.
Tenure
The property is held under freehold title and is sold subject to the existing tenancies.
Flat 1 - Vacant
Flat 2 - Let on an AST rolling contract at £335 pcm
Flat 3 - Vacant
Flat 4 - Vacant
Flat 5 - Let on an AST rolling contract at £90 pw.
Services
All mains services are connected but have not been tested. Flats 1,2 & 3 do not have mains gas.
Council Tax is payable to the North East Lincolnshire Council. All flats are shown on the Council Tax Property Bandings List in Valuation Band A.
Strictly by appointment with the Auctioneers on 0845 400 9900
Solicitors
Katie
Norris at Squires Patton Boggs. e: katie.norris@squirepb.com
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 22nd January 2024 and closing on Wednesday 24th January at 1.00 pm. For further legal information relating to this lot please log on 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) and a buyer’s premium of 1.2% of the hammer price (1% plus VAT) in addition to the purchase price of the property.
Guide Price
Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which 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
Council Tax Band : A
