Block of Apartments
This substantial detached building, located near the seafront in Skegness, is divided into 8 x 1 bedroom self contained flats over three floors. The building is currently generating an income of around £37,140 per annum with 5 flats currently let, two advertised as let agreed, and one advertised as to let on Rightmove. Although some of the tenants are longer standing and paying £475/£550pcm, the new rents are now at £580/£600pcm with potential to generate between £55,000-£57,000 per annum and yield in excess of 20%, based on the guide price.
Each flat comprises living kitchen, bedroom and shower room and six of the flats have access to a parking space at the front or rear of the building.
Located one street back from the seafront the property is close to the Boating Lake, amusements, supermarkets and is just one mile south east of Skegness train station.
Ground Floor:
Flat One
Kitchen Living Area 10ft 10 x 13ft 5
Bedroom 10 ft 10 x 10 ft 10
Bathroom
Flat Two
Kitchen Living Area 13 ft 5 x 9ft 9
Bedroom 8ft 2 x 13ft
Bathroom
Flat Three
Kitchen Living Area 16ft 3 x 12ft 3
Bedroom 8ft 2 x 13ft 1
Bathroom
First Floor:
Flat Four
Kitchen Living Area 16ft 5 x 12ft 3
Bedroom 9ft 2 x 14ft 1
Bathroom
Flat Five
Kitchen 9ft x 5ft 10
Lounge with balcony 10ft 7 x 13ft 7
Bedroom 10ft 6 x 10ft 6
Bathroom
Flat Six
Kitchen Living Area 10ft 10 x 13ft 5
Bedroom 10ft 10 x 10ft 10
Bathroom
Second Floor:
Flat Seven
Kitchen 5 ft 11 x 7ft 10
Lounge 9ft 6 x 10ft 10
Bedroom 10ft 8 x 10ft 7
Bathroom
Flat Eight
Kitchen Living Area 10ft 10 x 9ft 9
Bedroom 10ft 10 x 10ft 6
Bathroom
Car Parking
Rear Parking - 1 space available for flats 3 and 4.
Front Parking - 1 space available for flats 5, 6, 7 and 8.
Rivers and Seas Low. Surface Water Low.
O2, EE, Three and Vodafone are available.
Standard 15 mbps. Superfast 80 mbps. Ultrafast 1100 mbps.
BT and Sky are available.
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.
These sales details are awaiting vendor approval.
Freehold. Part let/part vacant.
- Heating Supply: Electric
- Electric Supply: Mains Supply
- Water Supply: Mains Supply
- Sewerage Arrangements: Mains Supply
Off Street
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under and Unconditional sale type.
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 fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of 1.8% inc VAT subject to minimum of £2,400 inc VAT
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.
