Rhodes House, Northgate, Sleaford, Lincolnshire, NG34 7BX

Ref: Lot 24

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Town & Country Property Auctions East Midlands
Town & Country Property Auctions East Midlands

Description

TCPA are delighted to present this large block of flats in town location
Each flat has his own entry and are very large size with Victorian high ceilings
All flats are tenanted and providing guaranteed rent for day one
Some of the flats have long lasting tenants and loyal tenants and may benefit from increase in rent
Rare investment opportunity and can be improved should new owner opt to divide the titles, create leasehold title for each flat and create ground and service rent, the building benefit from a dry very large basement that can be converted to 2 flats

Flat1: 2 large bedroom, reception room, hallway, bathroom achieving £1,000
Flat 2: 3 bedroom shared accommodation 1 room tenanted achieving £435 with two empty so potential to achieve £1305
Flat 3: 2 bedroom large accommodation acheiving £290 with potential to increase to £570
Flat 4: large 3 bedroom achieving £530 with potential to increase to £950
Flat 5: 2 bedroom achieving £290 with potential to increase to £950

Potential yearly income of £57,300 with a huge poteial yield of 14%

The building is looked after and have a lot of historical feature like shutters , high ceiling, large accommodation and sash windows

Some of the flats need scheme of modernisation

Key Feature 1

5 large sized block of flats

Key Feature 2

One title with possibility to divide title and create leasehold

Key Feature 3

Rare investors opportunity


* The Guide Price given is an indication as to where the Reserve is currently set. The Reserve is the minimum price that the auctioneer is authorised by the vendor to sell the property for. It is subject to change throughout the marketing period. Where the Guide Price is a single figure, the current Reserve will not be more than 10% above that single figure, and where a price range is given (i.e. £50,000 - £55,000), the Reserve will not exceed the upper level of the range. It is not necessarily what the auctioneer expects it will sell for.

We would like to point out that all measurements, floor plans and photographs are for guidance purposes only (photographs may be taken with a wide angled/zoom lens), and dimensions, shapes and precise locations may differ to those set out in these sales particulars which are approximate and intended for guidance purposes only.

These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms' employment has the authority to make or give any representation or warranty in respect of the property.

Viewing: Due to the nature and condition of auction properties, the auctioneers highlight the potential risk that viewing such property carries and advise all to proceed with caution and take necessary requirements to ensure their own safety whist viewing any lots offered. Viewings are conducted entirely at the potential buyers own risk, these properties are not owned or controlled by Town & Country Property Auctions and the auctioneers will not be held liable for loss or injury caused while viewing or accessing the lot. Due to the nature of some auction properties, electricity may not be turned on, therefore viewing times are restricted. Viewers will need to bring their own lighting/ ladders if wanting to inspect cupboards, cellars and roof spaces. Some viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Town & Country Property Auctions will not be liable for any costs or losses incurred due to viewing cancellations or no shows.

All auctioneer fees and deposits stated are non-refundable. The deposit will be applied toward the final purchase price. Auctioneer fees, while not contributing to the purchase price, will still be included in the total chargeable consideration of the property when calculating Stamp Duty Land Tax, Land Transaction Tax, or Land and Buildings Transaction Tax (as applicable depending on whether the property is located in England, Wales, or Scotland).

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