8 November 2022: Tuesday 08 November 2022 - 9:00am
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    Key features

    • Investment let at £119,448 p.a.
    • Instant asset management potential to improve the passing rent once the vacant units are let.
    • Currently 7 vacant flats
    • 32 self contained studios/1 beds
    • Approx. NIA 1,109 sq.m (11,937 sq.ft)
    • Off road car parking to the rear of the property
    • Located on the sea front.

    Description

    This is a block of 32 flats converted in 2010 from a former care home. The block has been operated as residential ever since as a rental investment. The building is located on Hartlepool's Headland offering extensive sea views from the front of the building.

    The block comprises 32 x Studio/1 beds (bedrooms self contained).There is a passenger lift serving all floors, onsite laundry room, 8 car parking spaces and communal gardens to the rear.

    25 of the flats are currently tenanted and 7 units are vacant (see schedule in legal pack). The building is currently investment let at £119,448 per annum; with asset management potential to improve the passing income once the vacant units are let. We have been advised that the asset should produce £151,300 per annum when fully let. (please see notes)

    Additional information

    Tenure

    Freehold.

    Tenancy

    The flats are let out on an AST's and can be viewed in the legal pack. Please refer to the legal pack for any arrears and outstanding section 21 notices that may have been served.



    Planning

    Please refer to the legal pack for the properties permitted use.

    Rent

    £119,448 p.a.

    Notes

    Joint Auctioneer

    Allied Property Investments


    Tel: 020 7486 9000

    Email: info@api.uk.com


    Liam Noad

    Email: liam@api.uk.com

    Mob: 07900 926 114


    Andrew Abbott

    Email: andrew@api.uk.com

    Mob: 07500 601 189



    Please note the site areas provided are approximate. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills. The current passing and potential rent figures haven been provided in good faith by the vendor.

    Prospective purchasers must rely upon their own enquiries in this regard.

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      Please arrive promptly for your viewing. To view properties you have booked a viewing for, visit the My Viewing section of your account.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      Located on The Headland the building sits between the junctions of Pentily Street and Broad Field Road. The building fronts the headland featuring sea views.

      Hartlepool Town Centre is 1.9 miles from the building with Hartlepool Railway Station (Grand Central and Northern) 2.3 miles away giving access to London King’s Cross in approximately 3 hours.

      Transport

      National Rail - Hartlepool Railway Station (Grand Central & Northern).

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums