Situation & Description
This long leasehold 1 bedroom flat is situated within close Portsmouth city centre and local amenities to include Sainsburys Local, Starbucks, Matalan and a wide range of restaurant and leisure facilities. The first floor flat extends to 334sqft (31sqm) and is let on an Assured Shorthold Tenancy for 12 months from 30th June 2019 with the tenant paying £650 per calendar month which is the equivalent of £7,800 per annum or a gross yield of 9.2% if purchased at the guide price of £85,000.
Portsmouth is situated on the Solent on the south coast of England and offers excellent road links and rail links to Southampton, Chichester and the surrounding areas via the A27, A3 (M) and the M27. The Isle of Wight is a short hovercraft ride across the Solent from Southsea and only takes approximately 10 minutes.
The lease is 125 years from 1st January 2017 thus having just over 122 years remaining with a ground rent of £250 per annum and an annual service charge of £1,108.28 per annum.
Copies of the Assured Shorthold Tenancy Agreement are available from the Auctioneers and contained with the Legal Pack.
The lot is to be sold by online auction on Wednesday 12th February at 2pm
All interested parties who wish to bid, please contact My Auction on 0207 101 4868
Please note that a Buyer’s Premium of 1.2% inc.VAT of the purchase price is to be paid by the successful Buyer (subject to a minimum fee of £2,400 inc.VAT). The successful Buyer will also have to pay a 5% non-refundable Deposit on the fall of the digital hammer with the remaining 95% payable on completion (see Special Conditions of Sale for full details).
NB: Internal photos are from when the building was first converted and are not necessarily the flat being sold.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
This auction lot is now closed.
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