Property for sale2-4 RAKE LANE, WALLASEY
- AVAILABLE POST AUCTION
- LOT NUMBER : 25
- RESIDENTIAL INVESTMENT
- Residential Investment
- *GUIDE PRICE : £290,000 - £300,000
This property comprises an impressive pair of semi-detached buildings which have been converted to comprise ten self-contained flats.
It is situated in a prominent position within easy walking distance of Liscard Town Centre and some five minutes drive from New Brighton Promenade with a wide of leisure facilities. A number of residential development schemes have recently been completed nearby.
Rake Lane is a popular residential location both for rental and owner occupation and when fully let, this property will provide a rental in the region of £38,500 representing a yield of 13%.
The flats have uPVC double glazing and electric heating and there is a fire alarm, emergency lighting and a smoke alarm.
Both ground floor flats have their own access with shared access to the remaining flats from the side entrance halls of each building.
At the time of our inspection, we were unable to make an internal inspection of all of the units but from those inspected, we understand the accommodation of each flat comprises hall, lounge, double bedroom, bathroom and kitchen with the exception of the garden flats which have a living room/kitchen, single bedroom and bathroom.
There are front and rear gardens together with a bin storage area.
The flats are let on assured shorthold tenancies at the following rentals:-
2 Rake Lane
Flat 1 - Vacant
Flat 2 - £350 pcm
Flat 3 - £300 pcm
Flat 4 - £325 pcm
Flat 5 - £375 pcm
4 Rake Lane
Flat 1 - £275 pcm
Flat 2 - Vacant
Flat 3 - £285 pcm
Flat 4 - £325 pcm
Flat 5 - £350 pcm
When fully let there is a rental income in the region of £38,500 p.a.
Bakewell and Horner, Wallasey
By arrangement with the auctioneers.
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*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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