Block of Apartments
A rare and exciting residential investment opportunity to acquire a 5x apartments, comprising of 1 and 2 beds, located on the top floor of a former converted office block, all with EWS1 forms in place.
The five apartments are all currently let on assured shorthold tenancy agreements producing a combined gross income of £45,900 per annum, this represents an outstanding 13.1% return based on the guide price. Some of the apartments may lend themselves to scope for rental increase.
All five apartments are well presented and equipped and enjoy fantastic views across Leeds over to the city centre and beyond. Further benefits are a 10 year insurance warranty from 2017, separate storage cupboards, ideal for bikes and large belongings, located between the fourth and fifth floor. Allocated parking is in the underground car park with electric up and over door and with 1x space per bed (7x in total). There is also direct access to the lift from the car park.
York Towers is situated in the context of an established and popular residential location, with nearby local shops and is positioned along the A64 which provides swift access onto the city centre. The M1 Motorway is a short commute away.
The sale provides a genuine opportunity for a discerning purchaser looking to acquire a high yielding residential investment property, offered for sale a very sensible and attractive guide price.
This property may qualify for stamp duty land tax relief, subject to certain conditions, please see further details below.
The accommodation and rents of the individual apartments are as follows:
Entrance hallway, open plan living/kitchen, one bedroom, bathroom. 428 sq. ft. Let on an AST at £675 pcm (£8,100 per annum).
Entrance hallway, open plan living/kitchen, master bedroom with en-suite shower room, further guest bedroom, bathroom. 593 sq. ft. Let on an AST at £675 pcm (£8,100 per annum). A section 21 notice has been served, see legal pack for further information. We are advised there is potential for rental increase to £875 pcm.
Entrance hallway, open plan living/kitchen, double bedroom, bathroom. 465 sq. ft. Let on an AST at £825 pcm (£9,900 per annum).
Entrance hallway, open plan living/kitchen, bedroom and bathroom. 446 sq. ft. Let on an AST at £775 pcm (£9,300 per annum).
L-Shaped entrance hallway, open plan lounge with galley kitchen, master bedroom with en-suite shower room, further guest bedroom and bathroom. 692 sq. ft. Let on an AST at £875 pcm (£10,500 per annum).
Any ground rent and service charge review periods will be confirmed in the lease documents within the legal pack.
These sales details are awaiting vendor approval.
We believe that this property may be of a type that qualifies for Stamp Duty Land Tax/Land and Buildings Transaction Tax/Land Transaction Tax relief (as applicable). We work with a tax consultancy who can provide expert tax advice in this regard. Free consultations are available. You will only be charged a fee for this service based on any actual tax savings made, on a percentage basis. We in turn will receive a fee from the provider in exchange for referring you. Please contact us if you are interested for further details.
Leasehold. Subject to tenancy.
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 auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT
The Buyers 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 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.
