A substantial end of terrace house converted into five flats (three currently vacant). Capable of generating a gross rental income of £23,000 pa when fully let. Needs some mainly cosmetic renovation.

A substantial three-storey end-of-terrace house that has been converted into five self-contained flats. Three of the five flats are currently vacant and would benefit from some mainly cosmetic renovation and the other two are let on assured shorthold tenancies producing a gross income of £8,700 pa. When fully let following renovation, it is estimated that the five flats will produce a gross income in excess of £20,000 pa. The property is fully double-glazed (although some glass panels need replacing) and heated from a mixture of electric heaters and a gas-fired boiler in Flat 1.

Tenure

Freehold

Location

The property is well located on a mixed residential/commercial road with easy access to local amenities, the town centre, and transport links.

Accommodation

Flat 1 (First Floor) Hall, Living Room, Kitchen, Two Bedrooms, Bathroom. Electric heating. Flat 2 (First Floor) - Not inspected but understood to comprise Living Room, Kitchen, Double Bedroom, Shower Room. Electric heating. Flat 3 (Second Floor) Hall, Living/Bedroom, Kitchen, Bathroom Flat 4 (Ground Floor) Hall, Living Room, Double Bedroom, Kitchen, Bathroom. Gas-fired heating to radiators. Flat 5 (Ground Floor) - Not inspected but understood to comprise Hall, Living Room, Bedroom, Bathroom. Gas-fired heating to radiators. Outside Forecourt to the front and side.

Tenure

The property is held under freehold title and is sold subject to the existing tenancies. Flat 1 - Vacant Flat 2 - Let on an AST rolling contract at £335 pcm Flat 3 - Vacant Flat 4 - Vacant Flat 5 - Let on an AST rolling contract at £90 pw.

Services

All mains services are connected but have not been tested. Flats 1,2 & 3 do not have mains gas.

Council Tax Band

Council Tax is payable to the North East Lincolnshire Council. All flats are shown on the Council Tax Property Bandings List in Valuation Band A.

Viewing

Strictly by appointment with the Auctioneers on 0845 400 9900

Services

Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.

Local Authority

North East Lincolnshire Council

Solicitors

Squires Patton Boggs. e: katie.norris@squirepb.com, Ref: Katie Norris

Additional Fees

Buyer's Premium - 1.2% of the hammer price (1% plus VAT) in addition to the purchase price of the property.

Administration Charge - £900 (£750 plus VAT)

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.