Lot 66

FREEHOLD INVESTMENT OPPORTUNITY

Flats 1-4, 4B Highfield Parade, & Land East Of Highfield Avenue, Waterlooville, Hampshire, PO7 7QH
Flats 1-4, 4B Highfield Parade, & Land East Of Highfield Avenue, Waterlooville, Hampshire, PO7 7QH

An unusual investment opportunity to acquire the freehold land including the yard and service area around the Highfield Parade and also the central 'wedge' which includes four residential flats, two of which have been sold off on long leases but two let on Assured Shorthold Tenancy Agreements.

Flats 1 and 2 are presently let under the terms of Assured Shorthold Tenancy Agreements. The Tenancy Agreement for Flat 1 has not been renewed since 2017 and so, accordingly, might be considered to be underlet in today's marketplace.

The yard/service area to the rear of the shops and flats may have scope to be more commercially productive through the sale or rent of parking spaces, or perhaps from the addition of additional garaging, subject to all necessary consents being obtainable.

Alternatively, if some or all of the existing garages (which are not included in this sale) could be acquired there may be scope for additional development in conjunction with part of the freehold title, again subject to all necessary consents being obtainable.

Local Planning Authority

Havant Borough Council. Tel: 023 9247 4174. Website: havant.gov.uk.

Flat 1, 4B Highfield Parade

First Floor

Entrance hall, living room/kitchen, two bedrooms, bathroom and W.C, wrap-around balcony providing outside space

Tenancy

Let on an Assured Shorthold Tenancy Agreement for six months from 1st March 2017 at a current rental of £700 per calendar month.

Flat 2, 4B Highfield Parade

Second Floor

Entrance hall, living room/kitchen, bedroom and bathroom.

Tenancy

Let on an Assured Shorthold Tenancy Agreement, for 12 months from 25th October 2019 at a current rental of £550 per calendar month.

Flats 3 and 4, 4B Highfield Parade

Tenure

Sold under the terms of a 150 year lease, less five days, from 15th December 2017.

Further information will be included in the legal documentation which will be available to download from the Clive Emson website.

Auctioneer's Note

The area marked blue on our identification plan is excluded from the sale.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/