A freehold, unbroken block of 11 flats (9 x 1 bedroom and 2 x 2 bedroom) occupying a site of 0.23 acres. The flats are let on AST's producing £67,944 pa. We estimate current market rent is equivalent to £87,340 pa.

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Description/Location

An established and well maintained residential investment comprising 11 flats in a substantial detached property, centrally located in Paignton. The property is fully occupied, producing an annual rental income of £67,944. Potential to increase rents in line with current market rates. There is forecourt parking to the front of the property and a large car park to the rear. Potential for extension of the existing building to create more flats or further development of the site, subject to planning.

Tenure

Freehold
The properties are individually rated for council tax bands, A (1 bed) or B (2 bed).
EPC ratings are C and D.

Local Authority

Torbay Council01803 201201www.torbay.gov.uk

Viewing

Please contact Charles Darrow Network Auctions on 01626 330022

Accommodation

Current Monthly Rental Income: Flat 1a -£463.00 Flat 1b - £540.00 Flat 2 - £575.00 Flat 3 - £541.00 Flat 4 - £650.00 Flat 5 - £433.00 Flat 6 - £433.00 Flat 7 - £620.00 Flat 8 - £433.00 Flat 9a - £541.00 Flat 9b - 433.00

Rent

Potential rent £87,300 per annum

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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.