Substantial Investment Property

This freehold investment property, loosely arranged as five apartments, is situated in a popular area of Newquay, and is close to town and beaches. The property has been extended over the years to provide substantial accommodation, arranged over three floors. Previously, the outbuilding to the rear has been used as a letting investment but would require refurbishment. The property is currently used as emergency housing, with a contract in place with a management company which holds the contract with the council. The property will be sold with the benefit of a tenant on a periodic shorthold tenancy in a ground floor apartment, paying £538PCM (after managing agent fees). With current utilisation and including income from the tenant, the property has generated a gross income (excluding deductions) of £81,951.22 for the period April - October 2024 Accommodation in brief comprises six letting units; a large ground floor studio apartment, which could be rearranged to create a one-bedroom apartment and a separate one bedroom ground floor apartment. To the first floor there are two two-bedroom apartments and a further one-bedroom apartment to the second floor. Externally there is an outbuilding which has been previously let but would require refurbishment for it generate income once again.

Tenure

Freehold

AUCTIONEERS NOTES

A copy of the management agreement for the emergency housing element will be included within the legal pack. However, it would be up to a potential bidder to agree to terms directly with the managing agent and therefore can be subject to change. Due to the the nature of the investment, bookings can be vary and income reports have been included within the legal pack to provide example earnings over the last 6 months.

VIEWINGS

Regular block viewing sessions will be provided in the lead up to the auction. Please telephone Auction House South West on 03456 461361 to request a viewing.

FULL DETAILS

Photographs, Dimensions, Floor Plans and Area Measurements (when available) are included within our full details online on our website. All published information is to aid identification of the property and is not necessarily to scale.

NOTICE TO BIDDER

Please be aware that if your Bid is successful on Auction day the exchange of contracts will happen immediately after the Auction.

Energy Efficiency Rating (EPC)

Current Rating C74, D66, D65, C72, C69

Local Authority

Cornwall County Council

Solicitors

22 Law Solicitors, 22 Front Street, Ref: Claire Stanton, Tel: 0191 488 4950

Additional Fees

Administration Charge - £1200 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.