Lot 120: VIRTUAL FREEHOLD TOWN CENTRE BUILDING PARTIALLY CONVERTED INTO FIVE SELF-CONTAINED FLATS

Sold £270,000

Having traded for many years as a guest house, planning consent was obtained in 2016 for the property to be converted into five attractive apartments. Work has commenced on the conversion which now requires completion.

Once completed it is considered that the flats will be ideal for re-sale or retention as an incoming-producing letting investment.

The new flats will be a mix of one and two bedroom units, with car parking to the front and gardens to the rear.

Proposed Accommodation

Ground Floor

Flat 1

Entrance hall, living room/kitchen, two bedrooms, en-suite shower room with W.C. and bathroom with W.C.

Flat 2

Entrance hall, living room/kitchen, two bedrooms and bathroom with W.C.

Ground Floor & First Floor

Flat 3

Entrance hall, living room/kitchen, two bedrooms and bathroom with W.C.

First Floor

Flat 4

Entrance hall, living room/kitchen, two bedrooms and bathroom with W.C.

Flat 5

Entrance hall, living room/kitchen, two bedrooms and bathroom with W.C.

Tenure

Remainder of a 999 year lease from 6th April 1869 at a current ground rental of £12,7 shillings and 6d per annum.

Outside

Parking to the front and gardens to the rear.

Planning

Planning Permission has been granted by Isle of Wight Council under ref: P/01342/16, dated 19th December 2016, for change of use from Guest House to five self-contained flats, subject to conditions.

A copy of the Planning Consent and proposed plans will be available to download from the Clive Emson website, the Local Planning Authority website or inspection at the Auctioneer’s Office.

Auctioneer’s Note

The planning details listed are as per the originally granted planning consent. We are advised by the seller that some changes have been made during the initial conversion works to provide three two-bedroom flats and two one-bedroom units. We are further advised that these amendments have been verbally approved by the Local Planning Authority but require formalisation.

Residential EPC: E