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ONLINE AUCTION from 14th MAY-16th MAY
An opportunity to acquire 16 flats situated in a block of 24 in the sought after seaside location of Aberavon. Included in the sale is the headlease of the whole building and carpark.
The flats are sold with 14 flats let and two vacant with many of the tenants well established. The flats (with off-street parking) are situated just a short distance from the promenade which boasts one of the largest beaches in Wales with great views.
The area has seen a good level of investment over the last few years and there are many new residential developments close by and this site may offer scope for improvement or re development in the future.
VIRTUAL TOUR
Please note only 2 of the flats have been inspected internally by auctioneers however we are informed that the configuration of the 16 flats are all the same and comprise;- entrance, lounge/kitchen/bedroom and bathroom.
A
Floor | Description | Rent |
---|---|---|
Flat 1 | £300 pcm | |
Flat 3 | £310 pcm | |
Flat 4 | £325 pcm | |
Flat 6 | £300 pcm | |
Flat 7 | £300 pcm | |
Flat 8 | £300 pcm | |
Flat 10 | £300 pcm | |
Flat 11 | £300 pcm | |
Flat 12 | £325 pcm | |
Flat 13 | £325 pcm | |
Flat 14 (Vacant) | Vacant | |
Flat 15 | £325 pcm | |
Flat 18 | £300 pcm | |
Flat 20 (Vacant) | Vacant | |
Flat 22 | £300 pcm | |
Flat 23 | £325 pcm | |
Annual income £52,020 | ||
Annual income when fully let £55,420 |
14 flats are let
Annual income £52,020
Annual income when fully let £55,420
The LHA (local housing allowance) rates for each of the flats is £94.74 per week which would give a gross rent of (£94.74 X 52 X 16) £ 78,823.
Advised Leasehold (council as ultimate freeholder)- to be verified by solicitor
Auction fees: The sale of each lot is subject to a buyer’s premium of 1.2% of the purchase price (subject to a minimum of £1,200) including VAT unless otherwise stated.
Additional costs: The purchase of the property may be subject to (but are not limited to), VAT (if applicable), reimbursement of the seller’s search fees, reimbursement of seller’s legal and/or sales costs, stamp duty/land transaction tax (LTT). Please check accompanying legal pack for further details.
* 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.
As a trusted partner of Paul Fosh Auctions, Together could offer the auction finance you need, when you need it. Visit togethermoney.com for more information.
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