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Block of Apartments in Skegness

Mayfield Apartments, 99 Drummond Road, Skegness, Lincolnshire PE25 3EH

Lot no: 19 Property type: Block of Apartments Auction type: Unconditional with Fixed FeeWhere exchange occurs immediately on the fall of the gavel. The successful bidder will be legally obliged to exchange contracts, pay a 10% deposit (subject to a minimum of £5,000) together with the buyers fee of £1074 and complete within a set time period.

Guide Price* £135,000+plus fees Result Sold at Auction £135,000



A substantial property arranged as five one bedroom flats and a one bedroom house to the rear.

Property Description

The house and two flats are finished but the other three flats require finishing works throughout and are at first fix level. The units all have their own electricity and water supplies and are all self-contained. They have wired in smoke alarms, sound proofing, insulation, UPVC double glazing and will have electric heating with water filled radiators. An easy project to finish for a developer with two boxed kitchen and bathrooms being include in the sale. The unit will require completion certificates once finished. Situated in a popular and convenient location, only a couple of minutes walk to Skegness town centre and the beach. Once renovated to properties could be sold on separately with an estimated value circa £300,000. The cost would be between £30-£50,000 to complete the conversion. They would make great rental investments with an estimated rental total income of around £27,000 per annum. If the property was a holiday let the income could possibly be in excess of £27,000 per annum. The auctioneers are informed that the original planning permission was granted for 5 units in total. 4 flats in the main house and a rear attached one bedroom house. The owner has had drawings done to convert the main house to 5 apartments along with the house to the rear. He has been informed verbally that this should not cause a problem with planning and this is how the property is currently being arranged. Planning permission will need to be sought for the extra flat by the purchaser if it were to be finished as 6 units. All enquiries should be made to Skegness Town Council.

Flat 1

Lounge / Kitchen
Bedroom
Shower Room

Flat 2

Lounge / Kitchen
Bedroom
Shower Room

Flat 3

Lounge / Kitchen
Bedroom
Shower Room

Flat 4

Lounge / Kitchen
Bedroom
Shower Room

Flat 5

Lounge / Kitchen
Bedroom
Shower Room

House

Lounge
Kitchen
Bedroom
Shower Room

Tenure

Freehold. Vacant possession upon completion.


Conditions of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers prior to the auction 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 the auction. 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.

A 10% deposit is payable on the fall of the gavel, subject to a minimum of £5,000.

*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, will 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 the Guide Price and the Reserve Price click here.

Energy Performance Certificates
EPCs can be viewed in full in the lot information section at the top of this page or in the legal pack.

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 or cheque deposits. Remote bidding facilities are also available.

Auction Fees
The sale of each lot is subject to a buyer’s fee of £1,074 inc VAT (£895 + VAT) (unless otherwise stated in the important notices), payable on the fall of the hammer.

The purchase of this property may include associated fees not listed here. Any additional fees will be confirmed in the legal pack which can be downloaded from our website from the lot information section above. Or to find out more about any additional fees associated with this property please contact the auction office.