Being sold via Secure Sale online bidding. Terms & Conditions apply. Starting Bid £725,000This property will be legally prepared enabling any interested buyer to secure the propertyimmediately once their bid/offer has been accepted. Ultimately a transparent process whichprovides speed, security and certainty for all parties.A rare opportunity to acquire a purpose-built block comprising six self-contained, two-bedroom apartments, offered for sale by auction as a fully occupied residential investment.
Property information
Property type
Investment
Tenure
Leasehold
Council tax
Band B
EPC
Current 78 · Potential 78
Accommodation
Room
Arranged over three floors, the development contains two apartments on each level, with each property providing a kitchen, bathroom, living accommodation and two bedrooms. The apartments benefit from practical, well-proportioned layouts, while the building occupies a prominent and accessible position with established communal surroundings.All six apartments are currently let, producing a combined rental income of:£4,825 per calendar month£57,900 per annumThe property therefore offers immediate income from completion, together with the potential for longer-term rental growth and capital appreciation. This is an attractive proposition for portfolio landlords, professional investors and purchasers seeking to acquire an entire residential block under one title.The property is to be sold subject to the existing tenancies, with full tenancy information, leasehold or freehold details, compliance documentation and auction conditions available within the legal pack.A substantial income-producing investment comprising six occupied apartments, generating £57,900 per annum and offered for sale by auction.
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Auctioneers Additional CommentsPattinson Auction are working in Partnership with the marketing agent on this online auction sale andare referred to below as 'The Auctioneer'.This auction lot is being sold either under conditional (Modern) or unconditional (Traditional) auctionterms and overseen by the auctioneer in partnership with the marketing agent.The property is available to be viewed strictly by appointment only via the Marketing Agent or TheAuctioneer. Bids can be made via the Marketing Agents or via The Auctioneers website.Please be aware that any enquiry, bid or viewing of the subject property will require your details beingshared between both any marketing agent and The Auctioneer in order that all matters can be dealtwith effectively.The property is being sold via a transparent online auction.In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers willbe required to adhere to a verification of identity process in accordance with Anti Money Launderingprocedures. Bids can be submitted at any time and from anywhere.Our verification process is in place to ensure that AML procedure are carried out in accordance withthe law.The advertised price is commonly referred to as a ‘Starting Bid’ or ‘Guide Price’ and is accompaniedby a ‘Reserve Price’. The ‘Reserve Price’ is confidential to the seller and the auctioneer and willtypically be within a range above or below 10% of the ‘Guide Price’ / ‘Starting Bid’.These prices are subject to change.An auction can be closed at any time with the auctioneer permitting for the property (the lot) to be soldprior to the end of the auction.A Legal Pack associated with this particular property is available to view upon request and containsdetails relevant to the legal documentation enabling all interested parties to make an informeddecision prior to bidding. The Legal Pack will also outline the buyers’ obligations and sellers’commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceedingwith any property and/or Land Title purchase.Auctioneers Additional CommentsIn order to secure the property and ensure commitment from the seller, upon exchange of contractsthe successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of thepurchase price of the property. The deposit will be a contribution to the purchase price. A nonrefundablereservation fee up to 6% inc VAT (subject to a minimum which could be up to £7,200 incVAT) is also required to be paid upon agreement of sale. The Reservation Fee is in addition to theagreed purchase price and consideration should be made by the purchaser in relation to any StampDuty Land Tax liability associated with overall purchase costs.Both the Marketing Agent and The Auctioneer may believe necessary or beneficial to the customer topass their details to third party service suppliers, from which a referral fee may be obtained. There isno requirement or indeed obligation to use these recommended suppliers or services.
