Situation & Description
This long leasehold 2 bedroom flat is situated on the ground floor of this period conversion and is within walking distance of Victoria Avenue, Queensway and Sutton Road offering a wide range of amenities including cafes, bars, restaurants and independent/national retailers including Victoria Shopping Centre. The flat is also within close proximity to Southend Victoria Station as well as University of Essex and South Essex College.
This garden flat, extends to 570sqft (53sqm) and has been refurbished to a high standard by the existing owner and consists of: Entrance Hall, Kitchen through to Living Room, 2 good-sized Bedrooms and Shower Room plus private garden to the rear. It has been confirmed to us by local estate agents, that similar flats in the street, have been let for £750 per calendar month which equates to £9,000 per annum representing a 6.0% gross yield if purchased at the guide price of £150,000.
The lease (extended by the current owner) is for 189 years from 1st June 1992 thus having 151 years remaining with a peppercorn ground rent.
Sold prices in the area
The figures below are for 2 bedroom flats within a 1/4 mile radius of SS2 5AU (source: www.rightmove.co.uk)
18 Wimborne Road, SS2 5JF sold for £175,000 on 20/09/2019 - 2 bedroom garden flat
22 Sutton Road, SS2 5EW sold for £170,000 on 06/09/2019 - 2 bedroom garden flat
68 Maldon Road, SS2 5AZ sold for £185,000 on 10/05/2019 - 2 bedroom first floor flat with private garden
A director of My Auction has a personal interest in the property.
8 week completion available upon request.
The lot is to be sold by online auction on Wednesday 25th November at 8:05pm (bidding opens on Tuesday 24th November at 12pm)
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).
* 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 is now closed.
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