27 bedroom block of apartments for sale

DESCRIPTION

The OPA are thrilled to present an exceptional investment opportunity producing a net rental income of £11,396.06 per month / £136,752.72 per annum and an impressive 11% net rental yield.

This property consists of a charming block of 14 fully-tenanted flats, ensuring a worry-free investment with a long-term lease lasting 40 years, let until 2065.

The property is leased to a very well established accommodation provider, with in excess of 10 years+ trading history and house in excess of 2000 residents

ACCOMMODATION

Thoughtfully designed, there are 13 beautifully appointed two bedrooms flats comprising of two bedrooms, a bathroom, a kitchen, and a welcoming reception room. There is also a one flat featuring a double bedroom, a bathroom, a kitchen, and a reception room.

This setup allows you to enjoy the benefits of passive income while offering the investor the chance to contribute positively to the community.

LOCATION

Located in a desirable residential and tourist area, the property is situated on Palatine Road, offering both convenience and comfort. It boasts excellent transport links and easy access to shops, local amenities, and delightful food takeaways, ensuring that everything you need is just around the corner. Additionally, its proximity to the seaside enhances its charm, creating a nurturing environment for both residents and visitors alike.

TENURE & INVESTMENT OPPORTUNITY

Freehold: The property is sold freehold with a 40 lease in place.

Rental Income: £11,396.06 PCM Net Rent / £136,752.72 P.A Net Rent directly into your bank account.

The property is freehold and will be sold with the benefit of a 40 year hands-off lease let until 2065.

We are advised that according to the lease terms, the tenant is responsible for bills, council tax, and most internal repairs and maintenance.

VIEWINGS

Please contact OPA for viewings.

MATERIAL INFORMATION

The OPA have taken reasonable precautions and exercised all reasonable due diligence by asking the Seller of the Property to provide us in writing a declaration of material information regarding a property to comply with the Consumer Protection from Unfair Trading Regulations 2008. However, certain information may be unavailable and/unknown. Any buyer must carry out their own due diligence and rely on their own searches, investigations and enquiries in respect of all matters relating to their proposed purchase of this property, to enable them to make an informed transactional decision before proceeding to entering in to the exclusivity agreement on this property.

Council Tax:

We have been advised it is Band A, awaiting confirmation.

EPC:

Apartment A, 7-9 Palatine Road – EPC - D

Apartment B, 7-9 Palatine Road – EPC - D

Apartment C, 7-9 Palatine Road – EPC - C

Apartment D, 7-9 Palatine Road – EPC - C

Apartment E, 7-9 Palatine Road – EPC - C

Apartment F, 7-9 Palatine Road – EPC - C

Apartment G, 7-9 Palatine Road – EPC - D

Apartment 8, 11-13 Palatine Road – EPC - D

Apartment 9, 11-13 Palatine Road – EPC - D

Apartment 10, 11-13 Palatine Road – EPC - C

Apartment 11, 11-13 Palatine Road – EPC - C

Apartment 12, 11-13 Palatine Road – EPC - C

Apartment 13, 11-13 Palatine Road – EPC - C

Apartment 14, 11-13 Palatine Road – EPC - D

Construction:

Standard construction,

Utilities:

Mains electricity, gas, water, sewage

Heating:

Gas central heating

Parking:

On-street parking

ANY RESTRICTIVE COVENANT, ANY EASEMENTS, SERVITUDES, WAYLEAVES, ANY PUBLIC RIGHTS OF WAY ACROSS PROPERTY OR BOUNDARIES:

Refer to property pack

ANY FLOODING IN LAST 5 YEARS

Not known.

IS THE PROPERTY LISTED?

NO

CONFIRM EXISTENCE & NATURE OF ANY KNOWN PLANNING OR PROPOSALS FOR EVELOPMENT

Planning for 14 x flats – see pack : Ref: 19/0041 & 20/0314

PROERTY ACCESSIBILITY – ANY STEP FREE ACCESS INC RAMPS/ LIFTS?

NO

ANY WET ROOM/ LEVEL ACCESS SHOWER

NO

IS THE PROPERTY KNOWN TO BE ON A COALFIELD/ MINING OR DIRECTLY IMPACTED BY EFFECT OF OTHER MINING ACTIVITY

See pack

ANY OTHER MATERIAL INFORMATION – INFORMATION THAT MAY AFFECT THE AVERAGE CONSUMER’S DECISION MAKING

Refer to pack.

VIEWINGS

Please contact OPA for viewings.

MATERIAL INFORMATION

The OPA have taken reasonable precautions and exercised all reasonable due diligence by asking the Seller of the Property to provide us in writing a declaration of material information regarding a property to comply with the Consumer Protection from Unfair Trading Regulations 2008. However, certain information may be unavailable and/unknown. Any buyer must carry out their own due diligence and rely on their own searches investigations and enquiries in respect of all matters relating to their proposed purchase of this property, to enable them to make an informed transactional decision before proceeding to entering in to the exclusivity agreement on this property.

AGENT NOTES

Draft details, awaiting vendor approval.

BUYERS FEE

Buyer's Fee of 2% of The Purchase Price, (All fees inclusive of VAT). T&Cs apply.

Please request information pack, Buyer’s Guide & FAQs.

You will be required to enter into an “Exclusivity Agreement” with the Seller, granting you the Buyer the Exclusive right to purchase the property within the exclusivity period.

Please note the Buyer’s Fee is a non-refundable unconditional Exclusivity Fee in addition to the purchase price payable to the Agent upon offer acceptance.

The fee is not subject to a cooling off period and is non-refundable save in accordance with the terms stated in the exclusivity agreement

Upon offer acceptance you will not be required to exchange contracts, but will be granted an “exclusivity period” in order to exchange and complete on the transaction. This timescale will generally be 8 weeks, but will be specified in the Exclusivity agreement.

This is a flexible and buyer friendly method of purchase. By signing the Exclusivity Agreement and paying the Buyer’s Fee, this secures the transaction and takes the property off the market.

By paying your fee, that amount may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty land tax liability.

The OPA’s “Secure It Now Exclusivity Package” – this is a legally binding agreement between you are the seller. When the offer is accepted, the buyer pays the Exclusivity Fee to the Agent and enters into an “Exclusivity agreement with the Seller”, granting the buyer an exclusivity period, which is usually upto 8 weeks to complete on the purchase of the property. During the exclusivity period, the buyer has the exclusive right to purchase the property, no other offers can be accepted and during this period buyer must complete the sale transaction. If the buyer fails to complete in this period, the fee is non-refundable.

This property is being offered under The OPA’s “Secure It Now Exclusivity Package”

This is an innovative secure and straightforward way to purchase this property.

Here are the benefits for you:

• Secure your dream property straight away

• Similar to a “normal” or “conventional” sale with a few measures to protect the buyer and the seller

• No competitive bidding

• No risk of being gazumped

• Minimises risk of fall throughs

Secure It Now Exclusivity Package - How does it work?

You can now secure the purchase with a buyer’s “Secure It Now Exclusivity Agreement. By entering into the exclusivity agreement and paying the Exclusivity Fee, this buys :

• A legally binding contract granting the buyer exclusive rights to purchase the property within a given timeframe (usually 56 days / 8 weeks , however please confirm seller’s required timescale)

• Paying the Exclusivity Fee ensures that the seller takes their property off the market as soon as the sale is agreed and reserves it exclusively for you.

• This prevents the risk of gazumping

• helps you avoid losing money and wasting time which most buyers like you may face with the traditional estate agent's approach.

• You get a fixed exclusivity period (approximately 8 weeks) to complete, safe in the knowledge that you will not be gazumped or outbid by another buyer.

Step 1 - Register your interest

Step 2 - Sort out your finances / Carry out your due diligence/ Ask questions/ Get legal/ financial advice if required.

Step 3 - Arrange a viewing / Virtual Tour (If you require a viewing. If you do not require a viewing and offer without a viewing, you are doing so at your own risk)

Step 4 - Make an offer

Step 5 - Secure your purchase using our buy and Secure It Now Exclusivity package

Step 6 - Exchange and completion

Next Steps – Do Not Miss Out -

IMPORTANT NOTES

Buyers should carry out their own due diligence/ investigations and if required seek independent legal/ financial advice. Cash buyers preferred.

This is an investment property and will be sold with the benefit of the social housing lease. Cash purchasers preferred. Anyone looking to purchase with finance must ensure that they can complete on the property and the property is suitable for their lender’s criterial.

The Exclusivity fee is a non-refundable fee and unless otherwise stated and agreed in the special conditions of the Exclusivity Agreement, this is unconditional, not subject to survey or valuation , lending or anything else. The fee is not subject to a cooling off period and is non-refundable save in accordance with the terms stated in the exclusivity agreement

MONEY LAUNDERING REGULATIONS - Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale. 2: These particulars do not constitute part or all of an offer or contract. 3: The measurements indicated are supplied for guidance only and as such must be considered incorrect. 4: Potential buyers are advised to recheck the measurements before committing to any expense. 5: All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; 6: No persons in the employment of The OPA has any authority to make or give any representation or warranty whatever in relation to this property. No services, fixtures, fittings or appliances, including central heating, have been tested by the Agent at the time of printing. All references to parts of the fabric, material, decoration, external or internal features or grounds of the property are made without any warranty as to their conditions or effectiveness. Where definite checks have been made, such results will be made clear at the appropriate place in the particulars of sale. Every effort has been made by the Agents to obtain accurate information from the correct sources. However, intending purchasers and other readers are asked to make their own arrangements regarding verification of any statements expressed in these particulars of sale.

Please be advised that this property may have been owned by the current seller for under six months, or the seller may have the exclusive right to sell the property. If you require any further clarification, please speak to a representative of The OPA.

Any reference to, or use of any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. All photographs shown are indicative and cannot be guaranteed to represent the complete interior scheme or items included in the sale. No person in our employment has any authority to make or give any representation or warranty whatsoever in relation to this property. Please be advised that this property may have been owned by the current seller for under six months.

Misrepresentation Act 1967: The OPA for themselves and for the vendors or lessors of this property whose agents they are, give notice that: (1) These particulars do not amount to, nor amount to any part of, an offer or contract. (2) None of the statements contained in these particulars should be relied on as statements or representations of fact, therefore all prospective purchasers or tenants must satisfy themselves as to their accuracy.