SOLD FOR £526,000
An attractive three storey period property that is currently arranged as a 5-bedroom HMO and is let to students for the 2022/2023 academic year producing an annual income of £34,500. The property is situated on James Place, a delightful paved courtyard surrounded by a cluster of townhouses just off Portland Street in Clifton village. Ideally positioned for access to a wide range of local shops, bars and restaurants, the property has proved to be a superb student let investment.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 13 September 2022 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By Appointment.
SUMMARY -
SOLD FOR £526,000 - THREE STOREY 5-BEDROOM STUDENT HMO - LET AT £34,500 PER ANNUM
DESCRIPTION -
An attractive three storey period property that is currently arranged as a 5-bedroom HMO and is let to students for the 2022/2023 academic year producing an annual income of £34,500. This well-presented property benefits from a spacious open-plan living/dining room on the ground floor, a brand new shower room on the first floor and a small courtyard to the rear. Ideally positioned in the heart of Clifton village for access to a wide range of local shops, bars and restaurants, the property has proved to be a superb student let investment.
LOCATION -
The property is situated on James Place, a delightful paved courtyard surrounded by a cluster of townhouses just off Portland Street in Clifton village. The wide range of shops, bars and restaurants in the immediate vicinity has made the property hugely popular amongst student renters during the current ownership.
ACCOMMODATION -
The property comprises of an entrance hall, cloakroom, open-plan living/dining room and a kitchen with access to the rear courtyard on the ground floor. The first floor provides two double bedrooms and a shower room and the second floor comprises of three further bedrooms.
TENANCY DETAILS -
The property is let to five students on one AST for the period 3 July 2022 - 26 June 2023 at a rent of £34,500 per annum. The tenancy agreement includes guarantors for all tenants.
COMPLETION -
Completion for this lot will be 6 weeks from exchange of contracts or sooner by mutual agreement.
HMO LICENSING & PLANNING -
HMO licensing regulations and planning requirements are subject to regular changes, updates and even individual interpretations by the Local Authority. Prospective buyers are therefore required to make their own enquiries with the Local Authority and review the documents contained in the auction legal pack fully to satisfy themselves that the property is compliant in this respect. Maggs & Allen accept no liability in the event that any Licensing or Planning requirements/documents are not in order at the point of sale.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: D
TENURE -
The property is to be sold on a freehold basis, subject to the existing tenancy agreement.
COUNCIL TAX BAND -
Band E.
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,200 plus VAT (£1,440 inc VAT) buyer’s premium payable upon exchange of contracts.
*GUIDE PRICE -
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. Each property will be offered subject to Reserve Price (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.
RESERVE PRICE -
The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
PROXY, TELEPHONE & ONLINE REMOTE BIDDING -
The auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and a cheque/bank transfer for the Preliminary Deposit must be received no later than 24 hours before the date of the auction.
PRELIMINARY DEPOSITS -
The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:
£1,000 - £50,000: £2,000
£51,000 - £150,000: £5,000
£151,000 and above: £10,000
If your bid is successful, the balance of the deposit monies and Buyer's Premium (£1,440 inc VAT) must be transferred to our client account within 24 hours of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you.
