You know what it’s like, you want to park the car but there’s never a space? But the solution may be with Network Auctions latest property auction lot: not one, not two, but 104 garages are to be sold for a knockdown guide of £5,000+ on 10th February.
The lot known as ‘land adjacent to Queensway, Torquay, Devon, TQ2 6BY’ is a freehold 0.84-acre site located at Ben Jonson Close, Beaumont Close and Shakespeare Close. It comprises 104 leasehold garages producing an annual ground rent of £260 (£2.50 per garage). The auctioneers advise ‘the garages are held on leases for 199 years from 1964 and refer bidders to the legal pack and title documents for confirmation.’
Toby Limbrick, auctioneer, said, ‘It’s an interesting lot, the title comprises five packages of land and garages affording flexibility to the new owner should they wish to break up the lot into smaller parcels. There is also a fair bit of vacant land with the potential to build more garages, workshops and parking bays, subject to planning.’
‘We understand the leases include maintenance covenants and a number of the garages are in a poor state of repair, so there is also an opportunity for more active management.’
‘With a guide price of just £5000 and ground rent income equivalent to a 5% return we think it’s an attractive, low risk investment with potential.’
The land adjacent to Queensway, Torquay, Devon, TQ2 6BY will be sold by Network Auctions on 10 February. For more information www.networkauctions.co.uk