Residential Development
This freehold corner property is conveniently located off the A6, facing the popular London Road. There is planning permission in place to convert the loft space and basement into 2 x large two bedroomed flats which could then be sold on or rented out.
Planning permission was granted in 2008 by Leicester City Council. Planning Ref 20080695. Works were started and the Building Regulations Inspectors log showing this, is included within the legal pack.
Further plans have been drawn to indicate the potential of re-designing the loft space to include an additional third apartment, subject to planning permission.
Within the freehold building there are also four apartments which have already been sold off on leases, meaning the buyer will benefit from the ground rent income of the four flats. We are informed this totals £200 per annum, along with the opportunity to manage the block giving further income.
We are informed the new owner will further benefit from the payment of future lease extension premiums from the existing four flats. The existing four flats that have been sold have 66 years remaining on their leases.
In more detail the new apartments will comprise -
Lounge, Kitchen, Bedroom One with En-Suite and Dressing Room, Bedroom Two with Dressing Room, Bathroom.
Reception Hall, Lounge, Kitchen, Bedroom One, Bedroom Two, Bathroom.
Communal gardens and car parking.
- Income from sale or rent of new apartments x 2 apartments (potentially 3 apartments if amendments to loft drawing is approved by Planning)
- Income from future lease renewal of 4 existing flats
- Income from block management and service charges to maintain the property
- Income from annual ground rent
Freehold.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price 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. A full definition can be found within the Buyers Terms.
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