69-70 Marine Parade, Great Yarmouth, NR30
- 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- Unless previously sold or withdrawn prior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
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.
Shared hallways, ground, first, second and third floor studio and one bedroom units most with self contained facilities. some shared toilets and shower facilities.
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.
The property is held on the remainder of a 125 year commercial lease (commenced on 15.04.2005). Current rent £30,000 pa
125 years from 15.04.2005. Annual Ground Rent £30,000.
EPC Rating: - please refer to Legal Pack
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
NEAREST STATIONSDistances are straight line measurements from the centre of the postcode
- Great Yarmouth Station0.7 miles
- Berney Arms Station4.6 miles
About the agent
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