Lot 91 Freehold Block Of Nine Flats For InvestmentAuction Date:
11th December 2024
11 Leed Street, Sandown, Isle Of Wight, PO36 8JQ
Currently let at £47,925.32 per annum
This splendid Victorian building was originally constructed as a vicarage for the adjacent church which is now long demolished and replaced with residential accommodation. All of the flats offer one-bedroom accommodation and all nine are at present let, many to longstanding tenants under the terms of Assured Shorthold Tenancy Agreements.
The current owners have held the building for 45 years, during which time they have done their level best to maintain standards and undertake improvements as required, which is reflected in the relatively high C Rating on the EPCs for the majority of apartments. The building is considered ideal for addition to an income producing letting portfolio.
Accommodation
Set over two floors, there are nine one-bedroom apartments, eight of which have shower rooms with W.C.s, while Flat 3 has a bathroom with W.C.
Outside
There is parking on the front forecourt for several vehicles and a courtyard-style rear garden provides communal space and a clothes drying area.
EPC Ratings
Flats 2, 5, 6, 7 & 8 are Rating C.
Flats 1 & 4 are Rating D.
Flat 3 is Rating E.
Tenancies
Flat 1
Let under the terms of a 12 month Assured Shorthold Tenancy from 1st August 2011 at a current rental of £105 per week.
Flat 2
Let under the terms of a 12 month Assured Shorthold Tenancy from 26th August 2024 at a current rental of £86 per week.
Flat 3
Let under the terms of a 12 month Assured Shorthold Tenancy from 19th August 2022 at a current rental of £115.56 per week.
Flat 4
Let under the terms of a 12 month Assured Shorthold Tenancy from 14th June 2021 at a current rental of £100 per week.
Flat 5
Let under the terms of a 12 month Assured Shorthold Tenancy from 15th May 2017 at a current rental of £110 per week.
Flat 6
Let under the terms of a 12 month Assured Shorthold Tenancy from 1st July 2019 at a current rental of £90 per week.
Flat 7
Let under the terms of a 12 month Assured Shorthold Tenancy from 27th May 2023 at a current rental of £103.85 per week.
Flat 8
Let under the terms of a 12 month Assured Shorthold Tenancy from 17th February 2020 at a current rental of £92 per week.
Flat 9
Let under the terms of a 12 month Assured Shorthold Tenancy from 19th September 2024 at a current rental of £100 per week.
All Flats Council Tax Band A
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
