Block of flats for sale in Clacton-on-Sea CO15, 20 Bedroom

For sale by auction on Tuesday, 30 October 2018 at 19:00

Venue: Best Western Marks Tey Hotel London Road, Marks Tey, Colchester, CO6 1DU

An excellent investment comprising a total of 20 studio of which 10 come with the freehold and 10 are sold on Long Leases, situated close to Clacton Sea Front. Easily accessible to the town centre, The College of Clacton (Colchester Institute) and a short walk to Clacton Railway Station.

Accommodation included with freehold
Flat 3 - Ground Floor - Let at £433.00pcm
Flat 6 - Ground Floor - Let at £475.00pcm
Flat 7 - Ground Floor - Let at £430.00pcm
Flat 10 - First Floor - Let at £433.00pcm
Flat 11 - Second Floor - Let at £433.00pcm
Flat 13 - Second Floor - Let at £433.00pcm
Flat 17 - Second Floor - Let at £433.00pcm
Flat 18 - Second Floor - Let at £433.00pcm
Flat 19 - Second Floor - Let at £440.00pcm
Flat 20 - Second Floor - Let at £430.00pcm

accommodation sold on long leases
Flat 1 - Ground Floor
Flat 2 - Ground Floor
Flat 4 - Ground Floor
Flat 5 - First Floor
Flat 8 - First Floor
Flat 9 - First Floor
Flat 12 - Second Floor
Flat 14 - Second Floor
Flat 15 - Second Floor
Flat 16 - Second Floor

financials
We are advised by the vendor that the block generates the following revenue streams:
Rental Income: £52,476 p.A.
Ground Rents: £2,500 p.A.
Service Charges: £7,000 p.A.
Total annual income £61,976 p.A.

Note
At time of publication Auction House Essex had not made a full and complete internal inspection.
Auction House Essex Limited will charge the buyer a premium of 0.5%+vat of the purchase price payable on exchange of conatracts

viewing
By appointment with the auctioneers Tel: , and at the courtesy of the tenants.

Viewings

Additional Fees
Buyers Premium - 0.6% inc VAT of the purchase price payable on exchange of contracts.
Administration Charge - £720 inc VAT payable on exchange of contracts.
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides 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. Each 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.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.