Freehold residential investment - a fine, 4 storey end terrace building comprising a pair of 2 bedroom / 2 reception room duplex apartments (one subject to an assured tenancy, one sold off on a lease). Corner plot of 0.18 acres with development potential subject to planning.

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Description/Location

Located in an established residential cul-de-sac. Flat 1 comprises the lower ground floor and ground floor of the building. The property is in dated order and is let on an Assured Tenancy at £900 pcm, we are advised the tenant is a single male, aged 73. Assured Tenancies allow for the rent to be increased to a market rent, we estimate this as £2000 pcm in good order, and £1500 pcm in dated order. It is worth noting that other buildings in Bloom Grove have been divided further, creating a flat on each floor. In good order we estimate the Vacant Possession Value of Flat 1 at circa £600,000 - £650,000 and circa £500,000 in its current, dated order. Flat 1a is arranged across the first and second floors and is sold off on a lease of 142 years from 29 September 1994 (113 years unexpired) producing ground rent of £150 pa. The property has a large garden to the side, none of which is demised to the upper flat. There is potential to extend the existing building, possibly to create new dwellings subject to planning.

Auctioneers Note: The tenant is entitled to quiet enjoyment of the property, there will be no internal viewings.

Tenure

Freehold
Energy Rating: D
Council Tax: D

Viewing

Network Auctions - 020 7871 0420

Accommodation

Ground & Lower Ground Floors: 856 sq ft / 79.6 smq - Entrance hall, sitting room, dining room, kitchen, 2 double bedrooms, bathroom. Outside: Corber plot gardens.

Rent

Current rent + ground rent: £10,950 pa

Virtual Tour

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Legal documents

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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.