Sold for £960,000

6 WEEK COMPLETION AVAILABLE

A 2 storey freehold building (11,323 sq ft, source EPC) comprising a block of 21 self contained flats arranged as 13 x 1 bedroom and 8 x studio apartments, development potential for additional flats, vacant. The adjacent car park is held on a separate leasehold title and is included in the sale.

Description/Location

Situated in an established residential area within 500m of the University of Plymouth campus the property will benefit from refurbishment. There is potential to create additional flats utilising rooms that have been used as offices / communal rooms and the loft voids subject to the necessary consents. We estimate current rental value are £425 pcm (studios) and £450 pcm (1 bed) equivalent to £9250 pcm / £111,00 pa. The car park measures 0.0841 acres / 340 sqm and is held on a lease for 99 years from 05/09/1986 at a peppercorn ground rent.

Tenure

Freehold

Local Authority

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Accommodation

Ground Floor: 4 offices (1 with kitchen and wc), 6 x 1 bed, 4 x studio. First Floor: Communal lounge, store room, 7 x 1 bed, 4 x studio. Energy Rating: E/51

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*Guide Price & Reserves

Generally speaking Guide Prices 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 prior to the auction. Virtually every 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.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.