Lot 90 - High Yielding Freehold Investment
87 Boutport Street, Devon, EX31 1SR
Guide Price: *
£475,000
Fees apply
Buyer's fee:Check legal pack
All fees include VAT at 20%
Holding Deposit: *£5,000
*Only charged if you are the successful buyer and goes towards the purchase price
Auction Type:
Traditional
Opening bid:
£475,000Bid history
0 bidsCurrently let at £91,080 per annum
A prominent end-terrace double-fronted property arranged as a ground floor bar with the upper three floors currently utilised as a House of Multiple Occupation with a separate one-bedroom flat situated to the rear of the property.
Currently fully let and generating a strong annual income, interested applicants may wish to consider the long term potential of converting the upper floors into multiple self-contained flats, subject to all necessary consents being obtainable.
Barnstaple is North Devon's largest settlement and has a broad range of retail and hospitality facilities.
The property is situated in the town centre which, thanks to the Government's national Future High Streets Fund (FHSF), is currently subject to a range of potential regeneration projects which aim to improve the community's experience of the town, drive growth and ensure future sustainability.
Commercial Unit
Ground Floor
Principal bar area with areas for seating, secondary bar area, drinks store, commercial kitchen and separate ladies and gentleman W.C.s.
Outside
Rear yard.
Tenancy
Let on a five-year commercial lease from 1st September 2023 at a current rental of £2,000 per calendar month. In addition, the lessee contributes towards a third of the building insurance and a £500 service charge for utilities.
House of Multiple Occupation
Ground Floor
Access to side with stairway leading to first floor.
First Floor
Living room, kitchen and four letting rooms.
Second Floor
Five letting rooms, shower room with W.C., further shower room and separate W.C.
Third Floor
Two letting rooms.
Tenancy
All letting rooms are occupied and subject to Assured Shorthold Tenancy Agreements with rental amounts ranging from £400 per calendar month to £800 per calendar month. A full schedule will be available for inspection within the legal documentation. The current total rental generated is £61,080 per annum.
Council Tax Band D
The Flat
Ground Floor
Shared access to side.
First Floor
Living room/kitchen, bedroom and shower room with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £500 per calendar month. The Auctioneers have been informed by the seller that the tenant may vacate the property prior to completion.
Council Tax Band A
Auctioneer’s Note 1
At the time of publication the Auctioneers have not inspected the whole of the property. Interested applicants are advised to make their own enquiries to verify the information provided.
Auctioneer’s Note 2
The Auctioneers have been informed that all of the tenants within the HMO are in employment with the majority working within the health care industry.
Joint Auctioneer
Midwinter Koval, 103 Boutport Street, BARNSTAPLE, Devon, EX31 1SY, 01271 322971
Summary
- Lot number
- 90
- Auction end
- 18th Sep at 12:32
- Property type
- Other
- Tenure
- Ask Agent
- Bedrooms
- 5+
- Bathrooms
- 0
- Council tax band
- Ask Agent
Summary
- Lot number
- 90
- Auction end
- 18th Sep at 12:32
- Property type
- Other
- Tenure
- Ask Agent
- Bedrooms
- 5+
- Bathrooms
- 0
- Council tax band
- Ask Agent
This property is being sold by:
Clive Emson - Devon, Cornwall, Somerset, Bristol & Bath
01392 366555
West Country House, 5 Kew Court, Pynes Hill, Exeter, Devon, EX2 5AZ
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and Clive Emson Auctioneers shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
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Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Clive Emson Auctioneers. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.
