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Block of Apartments
Investment property in a very sought after part of Coventry.
A block of 5 apartments comprising four one bedroom flats plus a studio. The property is fully let with some long term tenants in situ. The current rental income is £24,360 per year and offers incredible value against the guide price as well as huge potential to increase the yearly income to £33,800.
The current yield against the guide price is an excellent 25% with potential to increase to 35% if the current rental incomes are increased. Registering to bid is highly recommended and there will be a couple of block viewings made available, please call our office for further details.
This property may qualify for stamp duty land tax relief, subject to certain conditions, please see further details below.
These sales details are awaiting vendor approval.
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
The vendor has advised that the rental income includes all gas and electric bills. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
There is a leasehold title on the property. Please see legal pack for further information.
We believe that this property may be of a type that qualifies for Stamp Duty Land Tax/Land and Buildings Transaction Tax/Land Transaction Tax relief (as applicable). We work with a tax consultancy who can provide expert tax advice in this regard. Free consultations are available. You will only be charged a fee for this service based on any actual tax savings made, on a percentage basis. We in turn will receive a fee from the provider in exchange for referring you. Please contact us if you are interested for further details.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
