Lot 1 - Parkway Permanent Accommodation, 113 Park Road, Blackpool, Lancashire, FY1 4ET
- Unconditional Online Auction Sale
- Guide Price* : £130,000-£140,000
Addendum
The rent on Flat 12 is £80 per week. Flats 8,9,10 & 11 are let at rents reserved monthly or 4 weekly as detailed in the Legal Pack. The 2 garages are vacant and the remainder are let at a combined annual rental of £25,220. Upon letting of the vacant two garages at £20 per week each there is potential to increase the annual equivalent income to £27,300.
Residential investment property that has been subdivided into 6 self contained flats, with 2 garages at the rear of the property let at annual equivalent income of £25,220 with potential to increase to £27,300
Description
The property comprises a semi-detached residential property that has been subdivided into 6 self contained flats, with 2 garages at the rear of the property. One of the ground floor flats has it's own entrance at the rear/side.
There are 4 one bedroom flats and two studio flats (with separate kitchens). Each unit have their own coin operated electricity meter and heating is via wall mounted electric heaters. 5 of the 6 tenants have been in occupation for some time, including two for over 8 years.
The 2 garages are vacant and the remainder are let at a combined annual rental of £25,220. Upon letting of the vacant two garages at £20 per week each there is potential to increase the annual equivalent income to £27,300.
Location
The property lies on Park Road (B5390), which is one of the main routes into the town centre from Preston New Road (A583) which links to the M55 motorway approximately 2.75 miles to the south east. The surrounding area is residential, with close proximity to Blackpool and The Fylde College whose campus is opposite and Park Road benefits from direct bus links to the town centre which lies approximately 0.5 mile to the north west.
Tenure
Freehold.
Accommodation
Basement: Storage
Ground Floor: Entrance hall & stairs
Ground Floor Flat 7: Studio with separate kitchen; shower and wc
Ground Floor Flat 8: Studio with separate kitchen; wetroom with shower and wc
Ground Floor Flat 9: Lounge;kitchen; bedroom; shower and wc
First Floor Flat 10: Lounge/kitchen; bedroom; shower and wc
First Floor Flat 11: Lounge; kitchen;bedroom; shower and wc
Second Floor Flat 12: Lounge; kitchen; bedroom; shower and wc
Outside
Rear yard and two garages (accessed from Clinton Avenue)
Tenancies
The property is currently occupied as follows on AST agreements. We understand the majority are DSS with the rent paid direct to the seller via direct debit and a few of the tenants pay a small top up, which the seller informs us is paid regularly on time.
Flat 7: £70 per week - let
Flat 8: £65 per week - let
Flat 9: £85 per week - let
Flat 10: £90 per week - let
Flat 11: £95 per week - let
Flat 12: £80 per week - let
2 Garages:£20 per week each - vacant
EPC
The Energy Asset Rating's are Flat 9 (D), Flat 10 (E), Flat 11 (C)
Buyers Administration Fee
There will be a Buyer's Administration Fee of £2,400 (inc VAT) payable upon exchange of contracts.* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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