Three Storey Building Loosely Arranged As Apartments

This freehold investment property, loosely arranged as five apartments, is situated in a popular area of Newquay, and is close to town and beaches. Four apartments have been recently refurbished, with one currently still undergoing refurbishment (which will need finishing off by a potential purchaser). Four out of five flats are operated as emergency housing, the fifth could be used in a similar fashion once refurbished, subject to agreement from the management company. Based on the current units operational the property could generate £12,544.80PCM gross income. However, the majority of the apartments within the property have been recently refurbished, so there is limited history over the last year. During the period April 2024 - October 2024 the gross income has been £16,510.20 Accommodation in brief comprises; Ground floor one bedroom apartment which is part-way through refurbishment works and a further ground floor studio apartment. To the first floor there is a further studio apartment and a large one bedroom apartment. To the second floor there is a further one bedroom apartment. There is a substantial rear storage area, which could be further developed, subject to appropriate consent. Externally there is a garden to the front and rear garden which could be utilised for parking with some works, if required.

Tenure

Freehold

AUCTIONEERS NOTE

A copy of the management agreement for the emergency housing element will be included within the legal pack. However, it would be up to a potential bidder to agree to terms directly with the managing agent and therefore can be subject to change. Due to the the nature of the investment, bookings can vary

VIEWINGS

Regular block viewing sessions will be provided in the lead up to the auction. Please telephone Auction House South West on 03456 461361 to request a viewing.

FULL DETAILS

Photographs, Dimensions, Floor Plans and Area Measurements (when available) are included within our full details online on our website. All published information is to aid identification of the property and is not necessarily to scale.

NOTICE TO BIDDER

Please be aware that if your Bid is successful on Auction day the exchange of contracts will happen immediately after the Auction.

Energy Efficiency Rating (EPC)

Current Rating C65, D68, D64, C73, C70

Local Authority

Cornwall County Council

Solicitors

22 Law Solicitors, 22 Front Street, Ref: Claire Stanton, Tel: 0191 488 4950

Additional Fees

Administration Charge - £1200 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.