Lot 11 - FREEHOLD BLOCK OF 13 FLATS FOR INVESTMENT

Sold £859,000

Currently let at £67,080 per annum, plus vacant flat requiring works

Verdon House was formerly part of a convent and is situated a short distance from the centre of East Cowes with its commercial centre and car ferry links to Southampton.

Having undergone conversion works, from its original use, Verdon House has, for many years, provided residential accommodation in the form of 13 residential apartments, 12 of which are let under the terms of Assured Shorthold Tenancies and are producing a very worthwhile rental income. The thirteenth flat (Flat N) occupying the
semi-basement has not been let for some years and is in need of significant upgrading and refurbishment to be brought back into a habitable condition.

Eight of the flats provide one-bedroom accommodation while Flat L is a studio flat and Flats C, D and H offer two-bedroom accommodation. Outside of the property there is a residents car park and communal gardens.

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/