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ONLINE AUCTION from 1st FEBRUARY-3rd FEBRUARY
This property is located in a mixed use street, within town of Ebbw Vale.
The building is comprised of one double fronted commercial unit and four flats, two of which are two bedroom flats and two, one bedroom flats. The commercial units are being sold with vacant possession, whereas all flats are currently tenanted and have good rental history.
The tenants are currently paying a below market value, we would consider the market value of these flats to be £385-£395 for flats 1 & 2, £450 for flat 3 & 4.
We would suggest the market value for the commercial unit to be £385.
The commercial unit has gas (not tested) and electric, and the flats have electric but no gas.
Based on our guide price and the current rental income this property has a 7.38% yield, and a potential 10.71% yield when including the predicted rental values of the commercial units (listed below).
*** PLEASE NOTE THAT THE VENDOR IS SELLING THIS PROPETY AS PART OF A PORTFOLIO . THEREFORE IF LOT 25 SELLS THEN THIS LOT WILL BE WITHDRAWN EVEN IF BIDDING HAS COMMENCED, THE RESERVE HAS BEEN MET OR BIDDING HAS NOT YET CLOSED ***
The tenancy schedule is as follows: ;
Floor | Description | Rent |
---|---|---|
Ground Floor | Commercial Unit 1 | £300 pcm (Predicted) |
First Floor | Flat 1 - 2 bedrooms | £345 pcm (very long term tenant, but on currently in date AST) |
First Floor | Flat 2 - 2 bedrooms | £313 pcm (long term tenant) |
Second Floor | Flat 3 - 2 bedrooms | £450 pcm |
Second Floor | Flat 4 - 2 bedrooms | £400 pcm |
Monthly Total | £1,808 pcm | |
Annual Total | £21,696 pa |
Commercial unit to the ground floor is to be sold with vacant possession.
All flats are tenanted and have AST agreements
Advised Freehold - 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 £975) 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.
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