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Residential Investment of 4 Flats Producing £18,600pa (ERV £18,900pa)
Centrally located in the busy University City of Lancaster. The property is situated on Westbourne Road, approximately 200m from Lancaster railway station. The property itself is an impressive Victorian residence which has been converted and split into 4 flats across 3 floors. Total current rent roll - £1,400 pcm (£16,800 pa) ERV (based on previous rents achieved) £1,575 pcm (£18,900 pa). There is potential to convert the flats into approximately 13 one bedroom student lets which could let for an all inclusive rate of approximately £400 pcm. Interested parties are advised to satisfy themselves with this regard. Note: Flat 1 (a 3 / 4 bedroom ground floor flat is held under the same ownership on a separate deed and could be sold if a purchaser is interested in the whole property - further details available upon request. Please note there will be a Buyers Premium of £900.00 including VAT payable in addition to the Administration Charge.
To Be Confirmed In Legal Pack
The flats briefly comprise the following: Flat 2 - Ground floor 2 bed flat - previously tenanted at £525 pcm, currently tenanted on a rolling month by month tenancy at a reduced rent of £350 pcm Flat 3 - first floor studio flat - let on an AST at £375 pcm Flat 4 - first floor one bedroom flat - subject to a current protected tenancy under the Rent Act 1977 at £225 pcm. Flat 5 - second floor two bedroom flat let on an AST at £450 pcm.
Please contact Auction House North West Commercial on 0161 830 7477
Lancaster City Council
Wright & Lord, 63 Victoria Street, MORECAMBE, Lancashire LA4 4AF, Ref: Phil Gardner, Tel: 01524 40 20 50
Buyer's Premium - £900.00 including VAT payable in addition to the Administration Charge
Administration Charge - 0.9% including VAT subject to a minimum of £900.00 including VAT
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.