Lot 89 Freehold Investment Of Seven ApartmentsAuction Date:
1st November 2023
Westwood Villa, 111 Abbey Road, Torquay, Devon, TQ2 5NP
On the instructions of the Receivers
Currently let at £39,200 per annum
The freehold of Westwood Villas consists of seven residential self-contained flats, a mixture of two and three bedrooms with a parking area to the front of the property.
The property is situated in a central location at the top of Abbey Road next to other residential properties and several hotels, and is favoured among residents and holiday makers with easy access to the town, seafront and Torre Abbey Green.
There are four flats remaining under the freehold title and these are all let on Assured Shorthold Tenancies.
The other three flats in the building have been sold on long leaseholds, all of which currently pay ground rent.
Ground Floor
Secure entry system into communal hallways and stairways.
Flat 1
Two-bedroom flat with private patio area. (Not internally inspected by the Auctioneer at the time of publication.)
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £700 per calendar month.
[First Floor
Flat 4
Hallway, open-plan living/kitchen/dining room, three bedrooms (one with en-suite) and bathroom.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £700 per calendar month.
Flat 6
Hallway, open-plan living/kitchen/dining room, two bedrooms (one with en-suite) and bathroom. Enclosed garden area.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £850 per calendar month.
Second Floor
Flat 7
Hallway, open-plan living/kitchen/dining room, three bedrooms (one with en-suite) and bathroom. Decked balcony with external stairs.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £950 per calendar month.
Outside
To the front of the building are allocated car parking spaces.
Council Tax Bands
Flats 1 and 4 - Band B. Flats 6 and 7 - Band C.
Ground Rent Income
Flats 2, 3 and 5 have a cumulative ground rental of £800 per annum.
Auctioneer's Note 1
A management company is in place to handle service charges, common parts maintenance and insurance. Details are available in the legal documentation.
Auctioneer’s Note 2
We have been informed that the tenants of Flat 1 will be vacating the property at the end of this month.
Viewing
External only. Internal videos of Flats 6 and 7 are available on the Clive Emson website.
Tenure
The freehold of the property is offered for sale, subject to the existing three Assured Shorthold Tenancies and one vacant apartment, the other three apartments being sold on long leaseholds. Further details will be in the legal documentation available to download from the Clive Emson website.
There is an addendum available to be read
in conjunction with the legal documentation.
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 Buyers Fees
