Property description
FOR SALE BY MODERN METHOD OF AUCTION; STARTING BID PRICE ú100,000 PLUS RESERVATION FEE DEVELOPMENT OPPORTUNITYWe are offering for sale a development opportunity which requires the conversion and refurbishment of five units, ranging from a studio flat to a three bedroom maisonette and creating a potential rental income of approximately £20,000 per year. This property is for sale by The East Yorkshire Property Auction Powered by IAM-SOLD LTD.
SALE METHOD
This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, but grant 28 days to achieve exchange of contracts from the date the buyers solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non-refundable reservation fee of 3.5% subject to a minimum of £5,000 plus VAT which secures the transaction and takes the property off the market. The buyer will be required to sign an Acknowledgment of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Legal Pack which can be downloaded for free from the auction section of our website or requested from our Auction Department. Please note this property is subject to an undisclosed reserve price. Terms and conditions apply to the Modern Method of Auction, which is operated by The East Yorkshire Property Auction powered by iam-sold Ltd. TO VIEW OR MAKE A BID, Contact Beercock, Wiles & Wick or visit: www.agentauctionpage.co.uk
LOCATION
The seaside resort of Withernsea lies approximately 20 miles to the east of the city of Hull and offers a variety of shopping facilities including a Tesco supermarket together with schooling and recreational facilities. Local attractions include the weekly market and the lighthouse which is well known as being the only one which is on-shore in the region.
ACCOMMODATION
The three bedroom maisonette and two bedroom first floor flat have been converted but require refurbishment to bring them up to a suitable standard. The studio and two ground floor flats are partly converted and will need completing.The predicted rents upon completion of works are as follows:3 bedroom maisonette - ú400 pcm2 bedroom flat - ú350 pcm2 bedroom flat - ú350 pcm2 bedroom flat - ú350 pcmStudio flat - ú275 pcm
COUNCIL TAX
Council Tax is payable to the East Riding of Yorkshire Council. From verbal enquiries we are advised that the properties are shown in the Council Tax Property Bandings List in Valuation Band A.*
FIXTURES & FITTINGS
Certain fixtures and fittings may be purchased with the property but may be subject to separate negotiation as to price.
DISCLAIMER
*The agent has not had sight of confirmation documents and therefore the buyer is advised to obtain verification from their solicitor or surveyor.
VIEWINGS
Strictly by appointment with the sole agents.
MORTGAGES
We will be pleased to offer independent advice regarding a mortgage for this property, details of which are available from our Hedon office on 01482 891234. Independent advice will be given by Licensed Credit Brokers. Written quotations on request. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
VALUATION/ MARKET APPRAISAL
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Property Features :
- FOR SALE BY AUCTION
- RESERVATION FEE APPLICABLE
- THE MODERN METHOD OF AUCTION
- VIEW, BID & BUY
- ONLINE BIDDING AVAILABLE