FREEHOLD BLOCK OF 3 FLATS
An exciting residential investment opportunity comprising a block of three self-contained flats (1 x 2-bedroom garden flat, 1 x 2-bedroom flat and 1 x 1-bedroom top floor flat) situated in a sought-after location in St George. The flats are well-presented throughout and are currently let producing £26,700 per annum with scope to increase the rental income to circa £35,700 per annum. Alternatively, the property offers an excellent break-up opportunity with the individual flat values totalling circa £560,000.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 23 May 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
WELL-PRESENTED BLOCK OF 3 FLATS
DESCRIPTION -
An exciting residential investment opportunity comprising a block of three self-contained flats (1 x 2-bedroom garden flat, 1 x 2-bedroom flat and 1 x 1-bedroom top floor flat) situated in a sought-after location in St George. The flats are well-presented throughout and are currently let producing £26,700 per annum with scope to increase the rental income to circa £35,700 per annum. Alternatively, the property offers an excellent break-up opportunity with the individual flat values totalling circa £560,000.
LOCATION -
The property is situated on Marling Road in St George, just off Bell Hill Road. A wide range of amenities are available locally and excellent transport links are provided to the city centre.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
FLAT A -
A well-presented ground floor flat comprising a living room with bay window to the front, a modern kitchen and bathroom and two good-sized bedrooms, both with access onto a private rear garden.
FLAT B -
A spacious 2-bedroom flat situated on the first floor and comprising a living room, kitchen/diner, two double bedrooms (master with en-suite) and a main bathroom.
FLAT C -
A top floor flat comprising an open-plan kitchen/living room and a double bedroom with en-suite bathroom.
TENANCY DETAILS / POTENTIAL RENTAL / RESALE VALUE -
All of the flats are currently let on Assured Shorthold Tenancy agreements producing the figures below. The rents are currently below market value and we would expect to achieve the figures in brackets below in the current market.
FLAT A: £725 pcm (£1,100 pcm)
FLAT B: £800 pcm (£1,100 pcm)
FLAT C: £700 pcm (£775 pcm)
If the flats were sold off separately on a long leasehold basis, we would anticipate the following resale values:
FLAT A: £210,000
FLAT B: £200,000
FLAT C: £150,000
TENURE -
The property is to be sold on a freehold basis, subject to the ASTs above.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Ratings: C
AUCTION OR BRIDGING FINANCE REQUIRED? -
Do you need a mortgage or loan quickly? Maggs & Allen have specialist Independent Brokers who can arrange residential and commercial finance on all types of property. Contact the Auction Team today to be put through to our mortgage and loan experts on 0117 9734940 or email admin@maggsandallen.co.uk
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,250 plus VAT (£1,500 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 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 - £150,000: £5,000
£151,000 and above: £10,000
If you bid is successful, the balance of the deposit monies and Buyer’s Premium (1,500 inc VAT) must be transferred to our client account within 24 houra of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you within 5 working days.
RENTAL ESTIMATES -
All rental estimates are provided in good faith. They should be verified by your own professional advisors prior to a commitment to purchase.
