Sold £300,000
- Block of Apartments
- 26 Bedrooms
- Tenure: Leasehold. 125 years from 15.04.2005. Annual Ground Rent £30,000.
Call the team on 01603 505 100 for more information
A block of 26 apartments located on the seafront at Great Yarmouth with a current gross income in excess of £100,000 pa when fully let
Located opposite the Britannia Pier, this house of multiple occupation has been divided into twenty six apartments, most with self contained facilities. Twenty five are currently let and the remaining unit requires updating but will provide an additional rental income of approximately £4,500pa. The property has been upgraded by the current owner and it has a Licence for multiple occupation granted by Great Yarmouth Borough Council for five years from 14th April 2019. tenants are liable for electricity bills and council tax. Water bills are paid by owner (currently in the region of £1,200pa). This is an exceptional income generating opportunity and a sound investment for the experienced investor.
Tenure
Leasehold. 125 years from 15.04.2005. Annual Ground Rent £30,000.
Accommodation
Shared hallways, ground, first, second and third floor studio and one bedroom units most with self contained facilities. some shared toilets and shower facilities.
Tenancy details
The current tenants include many long standing occupants. Recent lets are signed up on six months assured shorthold tenancies. Current rents range from £75-£100 each.
Lease Details
The property is held on the remainder of a 125 year commercial lease (commenced on 15.04.2005). Current rent £30,000 pa
Energy Efficiency Rating (EPC)
Current Rating - please refer to Legal Pack
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. Tel: 01493 856100
Solicitors
Rogers & Norton, The Old Chapel, 5-7 Willow Lane, Norwich, NR2 1EU, Ref: Donatas Staniulis, Tel: 01603 666001
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
Buyer's Premium - £600 inc VAT payable on exchange of contracts.
Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1140 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.
