5 bed block of flats for sale

Tower Road, Newquay TR7

Summary

A fantastic investment opportunity to acquire A freehold block of four self-contained apartments in A prime central location between fistral beach and newquay town centre. This property is ideal for buy-to-let investors seeking A ready-made portfolio addition.

This property will be legally prepared enabling any interested buyer to secure the property immediately once their bid/offer has been accepted. Ultimately a transparent process which provides speed, security and certainty for all parties

This superb block of modern apartments is ideally located between Fistral Beach and the town centre, a great place to attract tenants as the landlord has consistently done during their 12 years of ownership. Sold owing to retirement this is an ideal opportunity for buy to let investors to acquire this freehold block for four self contained flats.

A pretty looking period house (originally) converted and sold with planning permission granted and building regulations approved for the conversion. With three one bedroom flats and one two bedroom maisonette as well as off street parking to the rear. Sold as a going concern investment, fully let on an AST basis.

As you approach the front entrance there is a stone chipped courtyard garden with beautiful period tiled walkway. The communal entrance into the main building provides access to three of the apartments with the fourth accessed separately from the rear.

One the ground floor to the front there is a one bedroomed apartment which has bay windowed living room, good sized double bedroom, large kitchen, and shower room to the rear.

On the first floor to the rear there is a one bedroomed apartment which is a studio style having separate kitchen, bedroom/sitting room, and bathroom.

To the front on the first and second floor is the two bed maisonette with a wonderful size bay windowed lounge/diner, large fitted bathroom, galley style kitchen as well as two bedrooms on the second floor, the rear of which enjoying sea views.

To the rear of the building there is access to the final flat, a self contained one bedroom which benefits from its own private entrance. This has a good size kitchen as well as bedroom, living room and shower suite.

The property benefits from two/three off street tarmacked parking spaces to the rear, UPVC double glazing throughout and modern, eco style electric radiators.

The property is sold as an ongoing, fully let investment. Flat 1 currently lets at 560 pcm, Flat 2 at 550, Flat 3 at 435 pcm, and Flat 4 at 600 pcm. These rents include water which costs the landlord approximately 100 pcm but all other utilities are the responsibility of the tenants. The communal electricity for the hallways etc costs approximately 36 per quarter, paid by the landlord.

The vendor has enjoyed many years of letting to several of the tenants in situ including one of whom is a family member, as such we are of the opinion that these are well under the current achievable market rents for residential flats of this type in the Newquay area. Landlords could therefore look to improve the yield with rent increases to suit their needs and to meet current market values.

Council Tax Band: C
Tenure: Freehold

Auctioneers Additional Comments

Pattinson Auction are referred to as The Auctioneer. This auction lot is being sold by either conditional (Modern) or unconditional (Traditional) auction terms and overseen by The Auctioneer. The method of auction sale and the applicable terms and conditions are found on the lot page of this property on The Auctioneers website. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details to be shared between any marketing agent and The Auctioneer so that matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid, all bidders must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.

Auctioneers Additional Comments

The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and The Auctioneer and will typically be within a range above or below 10% of the Guide Price or Starting Bid. These prices are subject to change. An auction can be closed at any time, with The Auctioneer permitting the property (the lot) to be sold prior to the end of the auction. A Legal Pack associated with this property is available to view upon request and contains details relevant to the legal documentation, enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers obligations and sellers commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

Auctioneers Additional Comments

In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum fee which could be up to 7,200 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and The Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.