property
For sale by auction - Friday 8 May 2015
At East Midlands Conference Centre, University Park, Nottingham, NG7 2RJ
Commencing at 11.30am
Traditional three storey detached property converted into five separate self-contained flats, two believed to be let at present.
Current income circa £10,192 but potential income when fully let circa £25,000
Ideal investment property in popular location close to city centre
EPC Rating: Flats 1, 2, 3 & 5: D, Flat 4: E.
Traditional three storey detached property in an attractive location with easy access to Nottingham city centre. The property has been converted into five separate five self-contained flats. Four of the flats are one bedroomed, with the top floor flat being two bedroomed. There is also a small courtyard garden area to the side and garage. Ideal investment opportunity.
We are led to believe that each flat, when let, generates £392 every four weeks, therefore, the potential income once fully occupied, is circa £25,000 per annum. At present, we believe that two of the flats are occupied (generating £10,192 per annum) and three are vacant, although this should be verified before the auction.
The accommodation comprises:
On the Ground Floor:
Communal Hallway
Ground Floor Flat 1:
(this flat has not been inspected but it is believed to be a one bedroomed flat with separate kitchen, bathroom and lounge)
Ground Floor Flat 2:
Lounge 14ft 7 x 13ft 10
With radiator.
Kitchen 8ft 9 x 5ft 3
Bedroom 14ft 10 x 12ft 5
With radiator.
Bathroom
Having three piece suite and radiator.
On the First Floor:
First Floor Flat 3:
Lounge 14ft 4 x 14ft 6
Kitchen 8ft 7 x 5ft 8
Bedroom 11ft 6 x 12ft
With radiator.
Bathroom
Having three piece suite.
First Floor Flat 4
(this flat has not been inspected but is believed to be a one bedroomed flat with lounge, kitchen, bedroom and bathroom).
On the Second Floor:
Second Floor Flat 5:
Lounge 15ft 4 x 11ft 8
Kitchen 9ft 8 x 8ft 4
Bedroom One 13ft 3 x 11ft 10
With radiator.
Bedroom Two 10ft 2 x 10ft 5
With radiator.
Bathroom
Outside
Courtyard garden to the side, small rear garden and garage.
Tenure
Freehold. Subject to tenancy.
Conditions Of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers seven days prior to sale and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to 11.30 am. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.
The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.
Note
Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash deposits.
The sale of each lot is subject to a buyers fee of £750 (inc VAT) payable on exchange of contracts.
Viewings
By appointment with the auctioneers - 0115 958 8702.
*Guide Prices and Reserve Prices
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, would ordinarily be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction. For a full definition of Guide Price and Reserve Price go to www.grahampennyauctions.com/glossary.
