Former nurses' home now 17 flats up for sale for less than £100k
- Credit: Clive Emson
The entire freehold of a block of flats in Great Yarmouth is going under the hammer at auction.
The guide price for the former nurses' home Alexandra House opposite St George's Park, which comprises 17 flats, is £85-95,000
It is among 132 lots listed by regional land and property auctioneers Clive Emson.
Unusually, only one of the 17 flats is freehold with the other 16 having been sold on leases 18 years ago.
The guide price is for two-bedroom flat 5 – and the new owner would be entitled to revenues from the ground rents of all the flats.
Paul Bridgeman, regional director and auctioneer at Clive Emson, said: “We anticipate keen interest.
“Situated in the coastal resort town of Great Yarmouth is this development of 17 flats, 16 of which are sold on 125-year leases, from December 29 2004, at a current ground rent of £70 per annum rising by 40pc every 10 years.
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“Flat 5 is retained in the freehold title being sold and is let on an Assured Shorthold Tenancy at a reduced rate of £450 per calendar month (£5,400 per annum); the tenant formerly undertook caretaker services and was offered a reduced rent.
“There may be potential to increase the rental yield on this flat in the future, in line with market rents.
“The freeholder has the responsibility to insure and maintain the building and this is recovered by way of a service charge.
“In addition, there is a parcel of land to the north of Alexandra House, which is included in the sale and is utilised as residents parking.”
Bidding for the auction opens on Monday, March 21 for three days.
The building, a former nurses' home, closed in around 1985 when the general hospital nearby was demolished.
It was given planning permission to be converted into flats in 1992. However in 1999 it was reported the building was derelict and a magnet for vandals with borough council officials ordering the owner to tidy it up.
At the time there was also talk of it becoming a healthy living centre.
A retail property at 167 Kings Street, the Salvation Army charity shop sold through Clive Emson for £155,000 in December.