Established freehold residential investment comprising four self-contained flats
Town & Country Property Auctions are delighted to offer For Sale by Public Auction an established freehold residential investment comprising four self-contained flats, currently fully let and producing £34,800 per annum, with scope for future rental growth and potential break-up value, subject to the necessary consents.
Situated on High Street in Newington, this substantial property has been converted to provide four self-contained residential units, comprising two studio flats and two one-bedroom flats.
The property is currently fully occupied and produces a combined rental income of £2,900 per calendar month / £34,800 per annum.
Current Rental Schedule
Flat A – Studio
£700 pcm
Flat B – Studio
£700 pcm
Flat C – One Bedroom
£750 pcm
Flat D – One Bedroom
£750 pcm
The vendor advises that the property has enjoyed an excellent letting history, with strong tenant retention and no historic rental arrears during his ownership. The existing rents have intentionally been maintained at comparatively modest levels in favour of retaining established tenants rather than regularly maximising the rental income.
As such, the property may offer the incoming purchaser an opportunity to review the existing rental levels in the future, subject to the individual tenancy agreements, prevailing market conditions and all applicable statutory requirements.
The building is held freehold and, importantly, the four flats have not currently been separated into individual long leasehold titles. This may provide an additional longer-term opportunity for an incoming purchaser to investigate the potential creation of separate leasehold titles and subsequent break-up/resale value.
Any purchaser considering a title split or individual resale of the units should make their own enquiries and take appropriate legal and professional advice regarding planning, building regulations, lending requirements and any other necessary consents.
The existing marketing information further advises that the building benefits from double glazing and parking for approximately two to three vehicles.
This represents an interesting opportunity for both established and first-time portfolio investors to acquire an income-producing freehold asset comprising four individual dwellings, with an established rental history, potential for increased future income and an additional possible break-up strategy.
The property will be entered into our 29th September auction which is held online and starts at 10am. You must register to bid and download the legal pack.
PROPERTY FEATURES
. Number of Bedrooms: 4
. Reception Rooms: 2
. Parking at the rear for 2/3 cars
. Council tax band: A = A B = A C = A D = A
. Market Value: £375,000
. Rental Value Per Month: £2900
. Freehold
. 56 Day Completion
TENANCY INFORMATION
. Tenancy Term: Rolling Tenancies
. Tenancy Start Date: A = 1st July 2026 B = 1st February 2022 C = 1st October 2017 D = 1st September 2022
. Tenancy Type: AST
. Are the Tenants in Arrears: No
VIEWING ARRANGEMENTS
We will be holding a block viewing, please call us on 02380 179324. Please contact Town & Country Property Auctions for more information and to register for the auction. The auction will be held online, and registration is now open.
* Buyers Premium Applies
Each Lot is sold in its existing condition and state of repair. Buyers are deemed to have inspected the Property and satisfied themselves as to its condition, structure and suitability prior to bidding. Town & Country Property Auctions gives no warranty or guarantee as to the condition, structure, construction, repair or suitability of any Property, or the working order of any fixtures, fittings, services, heating systems or appliances included in the sale. No objection, claim or recourse shall be made against Town & Country Property Auctions in respect of these matters. Purchasers requiring mortgage finance or other funding are advised to arrange this prior to the auction and should satisfy themselves that the Property meets their lender's requirements. Material information relating to the Property will be provided within the Legal Pack. To download the Legal Pack, please visit tcpa.co.uk.
The seller of this property may consider a pre-auction offer prior to the auction date. All auction conditions will remain the same for pre-auction offers which include but are not limited to, the special auction conditions which can be viewed within the legal pack, the Buyer’s Premium, and the deposit. To make a pre-auction offer we will require two forms of ID, proof of your ability to purchase the property and complete our auction registration processes online. To find out more information or to make a pre-auction offer please contact us.
Any additional costs will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘LEGAL DOCUMENTS’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
Four Self Contained Flats
Freehold
Tenants In Situ
* The Guide Price given is an indication as to where the Reserve is currently set. The Reserve is the minimum price that the auctioneer is authorised by the vendor to sell the property for. It is subject to change throughout the marketing period. Where the Guide Price is a single figure, the current Reserve will not be more than 10% above that single figure, and where a price range is given (i.e. £50,000 - £55,000), the Reserve will not exceed the upper level of the range. It is not necessarily what the auctioneer expects it will sell for.
We would like to point out that all measurements, floor plans and photographs are for guidance purposes only (photographs may be taken with a wide angled/zoom lens), and dimensions, shapes and precise locations may differ to those set out in these sales particulars which are approximate and intended for guidance purposes only.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms' employment has the authority to make or give any representation or warranty in respect of the property.
Viewing: Due to the nature and condition of auction properties, the auctioneers highlight the potential risk that viewing such property carries and advise all to proceed with caution and take necessary requirements to ensure their own safety whist viewing any lots offered. Viewings are conducted entirely at the potential buyers own risk, these properties are not owned or controlled by Town & Country Property Auctions and the auctioneers will not be held liable for loss or injury caused while viewing or accessing the lot. Due to the nature of some auction properties, electricity may not be turned on, therefore viewing times are restricted. Viewers will need to bring their own lighting/ ladders if wanting to inspect cupboards, cellars and roof spaces. Some viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Town & Country Property Auctions will not be liable for any costs or losses incurred due to viewing cancellations or no shows.
All auctioneer fees and deposits stated are non-refundable. The deposit will be applied toward the final purchase price. Auctioneer fees, while not contributing to the purchase price, will still be included in the total chargeable consideration of the property when calculating Stamp Duty Land Tax, Land Transaction Tax, or Land and Buildings Transaction Tax (as applicable depending on whether the property is located in England, Wales, or Scotland).
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