A spacious 2-bedroom maisonette occupying the first and second floors of a Grade II listed period building in the heart of Wells. The property would benefit from some updating and refurbishment and offers excellent scope to add value. The central location makes the property an ideal buy to let investment opportunity with a potential rental income in the region of £1,200 pcm (£14,400 per annum).
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 -
SPACIOUS 2-BEDROOM MAISONETTE IN THE CENTRE OF WELLS - IDEAL BUY TO LET INVESTMENT
DESCRIPTION -
A spacious 2-bedroom maisonette occupying the first and second floors of a Grade II listed period building in the heart of Wells. The property would benefit from some updating and refurbishment and offers excellent scope to add value. There is also scope to convert the loft space, subject to consents. The central location makes the property an ideal buy to let investment opportunity with a potential rental income in the region of £1,200 pcm (£14,400 per annum).
LOCATION -
The property is situated in a highly convenient location on Sadler Street in the city of Wells. Wells is the smallest city in England lying in beautiful countryside between the Somerset Levels and the Mendip Hills. Its medieval centre has local markets twice a week, good restaurants and a thriving high street. Easy access is provided to Wells Cathedral and the moated Bishops Palace and gardens.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
FLAT 1 -
The property benefits from a private entrance hall and the accommodation is arranged over the first and second floors. The first floor provides a spacious living room with two sash windows to the front and a kitchen/diner. The second floor is arranged to provide two double bedrooms and a bathroom. The property includes the loft space, which may offer potential for conversion, subject to consents.
COMPLETION -
Completion for this lot will be 6 weeks from exchange of contracts or sooner by mutual agreement.
TENURE -
The property is to be sold on the residue of a 999 year lease from 2 December 2002, subject to a peppercorn ground rent.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: E
LETTING - WHAT CAN MAGGS & ALLEN ACHIEVE FOR YOU? -
Maggs & Allen's experienced letting team are happy to discuss the rental of this property and can advise on maximising the investment. We offer Full Management, Let Only and Rent Collection Services. Contact Jessica Archer and her team on 0117 9499000 or email lettings@maggsandallen.co.uk.
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.
