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SOLD STC

69-70 Marine Parade, Great Yarmouth, NR30

Guide Price
£325,000
Added on 02/07/2021
Auction House, Covering East Anglia
PROPERTY TYPE
Block of Apartments
BEDROOMS
×26

Key features

  • 26 apartments, registered HMO
  • Current income £102,000 gross with further potential to increase
  • Long leasehold interest
  • Guide price: £325,000
  • For sale by livestream auction
  • Unless previously sold or withdrawn prior
  • 11:00am, Wednesday 28th July 2021

Property description

Tenure: Please confirm if this is a freehold or leasehold property with Auction House

SOLD AT AUCTION - £300,000

A block of 26 apartments located on the seafront at Great Yarmouth with a current gross income in excess of £100,000 pa when fully let

Located opposite the Britannia Pier, this house of multiple occupation has been divided into twenty six apartments, most with self contained facilities. Twenty five are currently let and the remaining unit requires updating but will provide an additional rental income of approximately £4,500pa.
The property has been upgraded by the current owner and it has a Licence for multiple occupation granted by Great Yarmouth Borough Council for five years from 14th April 2019.

tenants are liable for electricity bills and council tax. Water bills are paid by owner (currently in the region of £1,200pa).

This is an exceptional income generating opportunity and a sound investment for the experienced investor.


Accommodation

Shared hallways, ground, first, second and third floor studio and one bedroom units most with self contained facilities. some shared toilets and shower facilities.


Tenancy details

The current tenants include many long standing occupants. Recent lets are signed up on six months assured shorthold tenancies. Current rents range from £75-£100 each.


Lease Details

The property is held on the remainder of a 125 year commercial lease (commenced on 15.04.2005). Current rent £30,000 pa


Tenure
Leasehold

Lease Details
125 years from 15.04.2005. Annual Ground Rent £30,000.

EPC Rating: - please refer to Legal Pack

Additional Fees
Buyer's Premium: £600.00
Administration Charge: £1,140.00
Disbursements: Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion

69-70 Marine Parade, Great Yarmouth, NR30

Approximate location

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Great Yarmouth Station0.7 miles
  • Berney Arms Station4.6 miles
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About the agent

Auction House, Covering East Anglia

The Barn Newmarket Road Cringleford Norwich NR4 6UE

Why Use Auction House East Anglia?


    Market position

    Auction House East Anglia are firmly established as East Anglia's no.1 property auctioneers (based on lots sold) and we sell over 80% of lot entries in our local auctions. We hold regular auctions in Norfolk and Suffolk and Cambridgeshire and have offices in Norwich, Kings Lynn, Peterborough and Ipswich.

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    Disclaimer - Property reference ah_eastanglia_1444708_37226. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Auction House, Covering East Anglia. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

    Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Auction House, Covering East Anglia on 01603 950107.

    *Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

    Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

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