Lot 7 - Flat 23 River View, 5 Low Street, Sunderland, Tyne and Wear, SR1 2AT
- Unconditional Online Auction Sale
- Guide Price* : £35,000 plus
- 2 bedrooms
- Top Floor Unit with River Views
- 2 Balconies
- Let at £525 per month
Residential Investment comprising a 2 bedroom top floor apartment let at £525 per month (£6,300 per annum equivalent)
Description
*VIDEO TOUR AND VIEWINGS AVAILABLE UPON REQUEST* A residential investment comprising a top floor (5th floor) two bedroom apartment within a purpose built development which is currently let at a rent of £525 per month.
The property benefits from having relatively large balconies t both the front and rearm with views over the river, both bedrooms are double, a separate kitchen, and a spacious lounge/diner lift access and secure allocated parking.
The development has cladding to the upper floors which we understand does not meet current standard under The Building Safety Act 2022. Remedial works will be required and part of the cost of this may be charged back to the Leaseholders although correspondence has been received from the Department for Levelling Up, Housing and Communities that an application to the building Safety Fund has been successful. A copy of the correspondence is included within the Legal Pack and interested parties should satisfy themselves as to the position.
We understand the property is suitable for cash buyers only.
Location
The property forms part of a large development of flats known as River View which is approximately 1.2 miles to the east of Sunderland City Centre, south of the River Wear. Local amenities are available nearby.
Tenure
The property is held Leasehold for a term of 125 years from the 1st January 2004. The current ground rent payable is £317.71 per annum and this is subject to a 5 yearly index linked review pattern. The annual service charge is £3017.17.
Accommodation
Entrance hallway, L Shape Living Room/Diner, Kitchen, Two Bedrooms and Bathroom.
Outside
Allocated parking and two balconies (one accessed from one of the bedroom and space for table and chairs)
Tenancies
The property is currently let on a statutory periodic tenancy following expiry of an AST granted for 6 months from 22nd December 2015 at a rent of £525 per month,
EPC
Energy Asset Rating is C.
Council Tax Band
B
Lease Start Date
01/01/2004
Lease Duration
125 years (104 years unexpired)
Annual Ground Rent
£318
Annual Service Charge
£3,017
Buyers Administration Fee
There will be a Buyer's Administration Fee of £2,400 (inc VAT) payable upon exchange of contracts.Additional Information
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* 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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