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11 Bedroom Terraced House

Bridge Road, Sutton Bridge, Spalding, PE12

Guide price £ 295,000

Call the Holbeach branch on 01406 420066

Features:

  • Gross Annual Yield of 12.3%
  • Gross Annual Yield of 12.3%
  • 11 Bedrooms
  • 11 Bedrooms
  • Village Location
  • Village Location
  • 2 Kitchens
  • 2 Kitchens
  • 2 Shower Rooms
  • 2 Shower Rooms

 

Property Description:

Set in the heart of Sutton Bridge, this is a perfect opportunity to purchase a licenced House of Multiple Occupancy (HMO) which currently offers a gross annual yield of 12.3% (when all rooms are occupied). Offering accommodation split over 4 levels, the property offers 11 bedrooms (all having a hand basin), a communal laundry area, 2 kitchens and 2 bathrooms. The property does benefit from some original features.

The property does benefit from all mains services and has a fire alarm system installed, which is regularly serviced. There is an outside space, which has a lawn and paved patio seating area. There is also a vehicular access to the rear of the property (via Wharf Street), which is gated and shared with 2 other properties.

Accommodation
The property offers accommodation set over 4 levels and offers 11 independant bedrooms, each with their own washing facilities. The remainder of the property offers a communal living area, 2 kitchens (on separate floors), 2 bathrooms (on separate levels) and a communal laundry area.

Outside
The property is set on the front boundary with a small low maintenance area set behind low level railings. To the rear, there is an enclosed garden which is mainly laid to lawn, with seating areas laid to a mixture of either paved patio or concrete. Vehicular access is gained to the rear (via Wharf Street), via a gated access to a shared driveway. There are a selection outside sheds (including a brick outhouse).

Services
The property is connected to all mains services. The property has a fire alarm throughout, which is regularly serviced.

Financial Information
When all rooms are occupied, the property returns an income of £830 per week, totalling £43,160 - giving an gross annual yield of 12.3%.

Location
Positioned in the heart of the popular village of Sutton Bridge, which is on the Lincolnshire/Norfolk border, the property is perfectly positioned for access to the nearby local amenities, including a couple of mini-convenience stores and doctors surgery.

Auctioneer Comments
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold Limited.

This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers
solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).

The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price
including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as
part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to go through an identification
verification process with iamsold and provide proof of how the purchase would be funded.

This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything
you need to know about the property, so you are required to complete your own due diligence before bidding.

A sample copy of the Reservation
Agreement and terms and conditions are also contained within this pack. The buyer will also make payment of £300 including VAT towards the
preparation cost of the pack, where it has been provided by iamsold.
The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

Referral Arrangements
The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they
will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted.

Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral
arrangement and payment prior to any services being taken by you.

 

Call the Holbeach branch on 01406 420066