Call the team on 01603 505 100 for more information
Substantial bay fronted building. Residential investment: HMO producing around £40,000 pa.
This lot was originally a guest house. For many years the building has operated as a licenced HMO (licence number tbc) and currently produces around £40,000 pa gross (around £32,000 pa net). Each room pays £80 per week with the exception of the largest room 9 which pays £90 per week. Nine of the eleven rooms are currently let. The rent includes gas, electric and water which the landlord pays along with business rates and wi-fi. The property provides 11 rooms, 10 are en-suite, with shared facilities. The property is well located between the town centre and seafront, has gas central heating and is equipped with a cctv system. According to the valuation office, the property has a rateable value of £4,050 with effect from 1st April 2017.
Tenure
Freehold
Lower Ground Floor
Rooms 10 and 10a, shower and wc, two store rooms.
Ground floor
Entrance hall, two kitchens, dining room, rooms 1 and 9, w.c.
First Floor
Landing, rooms 2 to 8.
Outside
Small front yard area, inner courtyard
NOTE
We have been made aware that the property is subject to an Enforcement Notice which prohibits use of the property as a House in Multiple Occupation. Please refer to the legal pack for further information.
Energy Efficiency Rating (EPC)
Current Rating C
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Local Authority
Great Yarmouth Borough Council
Solicitors
Spire Solicitors LLP, Holland Court, The Close, Norwich, NR1 4DY, Ref: Mr B Keane, Tel: 01603 677077
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £900 inc VAT, payable on exchange of contracts.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.