Lot 23 - 23 Flats at Chorcliffe House, Hollinshead Street, Chorley, Lancashire, PR7 1EP
- Unconditional Online Auction Sale
- Guide Price* : £400,000
Addendum
The Seller would bring a Prospective Buyer’s attention to the email dated 6 August 2024 and timed 5.10pm from Chorley Council with attachments. Please see copy correspondence in the Legal Pack. The Seller highlights that the due to the Emergency Prohibition Order that steps are being taken to bring the current tenancies to an end by service of Section 8 Ground 2 notices. They are not collecting rent on the specific flats affected and will return any rent received. There are currently 16 vacant flats with the remaining 7 Let at a combined income of £33,681.24 per annum.
- Portfolio of 23 one bedroom apartments
- Part Let (8 flats) let at £33.681.24 per annum
- Grade II Listed Building
- Off street parking - not allocated
- Potential ERV when fully Let £110,000 per annum (when all issues are resolved)
- Located in a Conservation Area
- Close to Chorley town centre
ON BEHALF OF LPA RECEIVERS: A portfolio of 23 one bedroom flats which are currently part let at combined rental income of £33,681.24 per annum with potential once fully Let for an income of circa £110,000 per annum.
Description
A portfolio of 23 flats which are all contained within a converted Grade II Listed Building comprising a total of 48 flats which are split across two blocks. The purchaser is buying the individual long leasehold interest for each flat and it is our understanding that whilst there is a management company there has been no sign of active management since the Receivers appointment and there is not full visibility on service charge. The communal areas are in a poor and tired condition and it is also noted that the condition of the individual flats is poor. There are currently 16 vacant flats with the remaining 7 Let at a combined income of £33,681.24 per annum.
The Seller would bring a Prospective Buyer’s attention to the email dated 6 August 2024 and timed 5.10pm from Chorley Council with attachments. Please see copy correspondence in the Legal Pack. The Seller highlights that the due to the Emergency Prohibition Order that steps are being taken to bring the current tenancies to an end by service of Section 8 Ground 2 notices. They are not collecting rent and will return any rent received.
Following a scheme of refurbishment to the vacant flats and the resolution of issues in relation to the Prohibition Notice there is a potential for a total income of £110,000 per annum.
*Additional photographs are available upon request*
Location
Chorcliffe House is located fronting Hollinshead Street and is situated within the St Laurence's Conservation Area. Chorley town centre is approximately a 5 minute walk away. The property is well located for amenities and transport links.
Tenure
Each flat is sold on a Long Leasehold basis for a term of 125 years from the 3rd October 2007. The service charge is £941.52 per annum per flat.
Accommodation
We have internally inspected 12 of the Flats and have assumed that the remaining 11 comprise the same accommodation. Interested parties should satisfy themselves in this regard:
Open Plan Kitchen/Living Room, Bedroom and Bathroom/W.C
Outside
Ample parking spaces - not allocated.
Tenancies
Ground Floor Flats:
16 - Let at £431.85pcm
17 - Vacant
18 - Let at £400pcm
19 - Vacant
20 - Vacant
21 - Vacant
22 - Let at £394.98pcm
23 - Vacant
24 - Let at £395pcm
25 - Vacant
26 - Vacant
First Floor Flats:
27 - Let at £394.98pcm
28 - Vacant
29 - Vacant
30 - Vacant
31 - Vacant
32 - Vacant
33 - Vacant
34 - Vacant
35 - Vacant
36 - Let at £394.98pcm
37 - Vacant
Second Floor Flats:
41 - Let at £394.98pcm
EPC
EPC Asset Rating Flats 17, 18, 21, 22, 28, 30, 31, 32, 33, 34, 35, 36 and 37 are all C. Flats 16, 19, 20, 23, 24, 25, 26, 29 and 41 are all D. Flat 27 is E.
Buyers Administration Fee
There will be a Buyer's Administration Fee of £2,700 (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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