Residential Development
Own the whole street with this extraordinary opportunity to purchase a development of 10 houses in Lodge Court, Donnington.
Open Events:
Wednesday 12th of Feb - 12pm - 2pm
Friday 14th of Feb - 3pm - 5pm
Saturday 22nd Feb - 11am -1.30pm
Tenure:
The entire development is currently held under 11 separate titles (10 properties and one parking area). Three homes are still occupied by tenants with two paying rent. The third (8 Lodge Court) was served notice however, due to issues with deposit protection, possession has not been possible to date. Deposit has been returned to the tenant who is in rent arrears in excess of 12 months and so a section 8 notice is to be served by buyer.
Property Descriptions:
Seven of the properties are vacant with one having already being fully refurbished whilst the others are part complete. Three still have tenants in residence. One property is currently occupied by a caretaker.
Every property comprises of two bedrooms, an open plan living space, kitchen area, family bathroom, guest cloakroom, private garden and off road parking to the front.
Rental Option:
We have been advised of an offer of a 5 year deal to take all 10 houses at a rent of £850 PCM (£102,000 P/A). The houses must be renovated to rental specification to be able to take up this option.
Prospective buyers are to note that no information in this respect has been provided within the legal pack and buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Anticipated Rents:
Current rents suggest that £795PCM - £825PCM is achievable on each property taking into account the amount of parking, private gardens and size of the properties. There is currently a high rental demand in this area.
VAT:
No Vat is payable on this transaction.
Management Company and Site
Please note that the development currently has no management company, service charge or road maintenance charge as the site has always been owned in its entirety by the current owner.
This development would make an excellent assisted living development being tucked away in a quiet residential location with only a couple of neighbours surrounding. The site would also offer a great return on investment to buy to let investors.
Construction Material: Standard brick. Heating: Boiler, mains gas. Coverage: Broadband - Standard, Ultrafast and Superfast is available in this location. Mobile signal - O2, Vodafone, EE and Three show as available. Satellite and Cable - BT and Sky show as available in this area.
These sales details are awaiting vendor approval.
Freehold. Part let/part vacant.
- Heating Supply: Gas
- Electric Supply: Mains Supply
- Water Supply: Mains Supply
- Sewerage Arrangements: Mains Supply
Driveway
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an 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 fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price (subject to a minimum of £6,000 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.
