FOR SALE BY ONLINE AUCTION - 6 WEEK COMPLETION: A freehold block of 13 self contained studio apartments, a 1 self contained bedroom first floor apartment and a ground floor retail unit. Partially let currently with potential to increase the cash flow to £80,000 if fully let. Investment potential.
Auction date
To be sold by online auction on Friday 30th April 2021, bidding will open at 10.00AM.
To view
Due to the nature of the tenancies, internal viewings of the studios, apartment and retail unit will not be possible prior to the auction and we request that you do not disturb the tenants. Internal viewings of the communal areas and an example studio (if vacant at the time) will be conducted in accordance with the Government guidance on Social Distancing, PPE must be worn at all times. Please email to book an appointment at the following times: * Tuesday 13 April at 10.00 * Thursday 15 April at 10.00 * Tuesday 20 April at 10.00 * Thursday 22 April at 10.00 * Tuesday 27 April at 10.00 * Thursday 29 April at 10.00. Please note that you must be registered to bid before you will be allowed to view
Registration
All bidders/potential buyers are required to register ahead of the auction date to be able to bid/buy, please visit our website to setup an online auction account.
Location
* Portsmouth North End * City centre * 2.1 miles to Hilsea rail station * Access to M275 at Rudmore roundabout leading to A27
Description
* Freehold block * 13 studio apartments * 1 bedroom apartment * Ground floor retail unit
Accommodation
Comprises:
Ground floor
Retail unit, communal laundry, 5 studio apartments
First floor
8 studio apartments, 1 bedroom apartment
Outside
Front and rear access, no outside communal areas
EPC ratings
Various, see online register
Tenure
Freehold
Local authority
Portsmouth City Council 023 9282 2251
Legal pack
For each lot there are Special Conditions of Sale and other documentation provided by the vendor’s solicitors. If you wish to receive the Legal Pack, you will be able to register for this via the link on our website. You will receive notification by email once the Legal Pack is received from the solicitor.
Guide prices
Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a lot will sell for and may change at any time prior to the auction. Each lot will be offered subject to a Reserve, (a figure below which the Auctioneer cannot sell the lot during the auction) which we expect will be set within the Guide Range, or no more than 10% above a single figure Guide Price.
Additional fees
A buyers charge of £1,200 including VAT is payable on each lot that you buy, in addition to the sale price. Please be aware there may be other additional fees, including disbursements contained in the legal pack payable on completion. Please ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (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.
14 Beds
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.
Whether you’re looking to sell or let your property, we can provide you with a free, accurate valuation based on our expert knowledge and the latest trends in your local area.
Call 01344 753120
enquiries@firstforauctions.co.uk
