Block of Apartments
Fantastic investment opportunity in Longsight. This large detached building formerly a pair of semi detached houses comprises of eight self contained apartments, located on a residential street close to shops and transport links. Situated on a large plot with a lawned front garden with drive and a low maintenance garden to the rear. The building and all apartments are rented and maintained by Serco with an agreement in place until 01/09/2026. The annual income is £54,720 with each apartment achieving £570 per calendar month. Prospective buyers are to note that we have not received evidence of rent increase and are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
The building is made up of 7 x 1 bedroom self contained apartments, each featuring a living room, fitted kitchen, and bathroom. The loft houses 1 x large studio apartment comprising of studio with kitchen and separate bathroom. We believe that in 2013 new combi boilers were installed in each apartment. The basement could be converted (subject to planning with the local authority) to accommodate a further two studio apartments. The current owner has advised Hyde Estates that Serco would rent these too should they be converted. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Please be advised that, whilst our joint agent may have conducted an inspection, the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
Please be advised that there is no access available for this property. Prospective buyers, particularly those relying on financing options who may require a survey, are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
These sales details are awaiting vendor approval.
Leasehold. Subject to tenancy.
852
Auction Details
The sale of this property will take place on the stated date by way of Timed Auction and is being sold as Unconditional with Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms.
Auction Deposit and Fees
The following deposits and non- refundable auctioneer’s fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
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.
Guide Price & Reserve Price
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.
