Seafront block of 27 apartments set to be auctioned off with £250,000 guide price
PUBLISHED: 07:30 19 October 2019
A block of 27 apartments, located in a prime seafront position, is set to be auctioned off next week.
The House of Multiple Occupation (HMO) on Marine Parade in Great Yarmouth is being marketed by Auction House East Anglia.
It is being sold at auction on October 23 with a guide price of £250,000 to £280,000 (plus fees) on a leasehold tenure, with the auctioneers describing it as "residential investments."
It comes after the apartment block - which was due to go under the hammer at an Auction House East Anglia sale in April - was sold prior to that auction "for an undisclosed amount."
According to the property description from the auctioneers - ahead of next week's sale at Dunston Hall Hotel on the outskirts of Norwich - it states: "A block of 27 apartments located on the seafront at Great Yarmouth with a potential gross income of £106,000 per year (pa) when fully let.
"Located almost opposite the Britannia Pier, this house of multiple occupation has been divided into 20 apartments, most with self contained facilities."
It adds: "The majority are currently let and the remaining units are being prepared for re-let.
"There is a new fire safety certificate and the property has been upgraded by the current owner."
Based at 69-70 Marine Parade, the accommodation at the property is described by the auctioneers as consisting of shared hallways, ground, first, second and third floor studio and one bedroom units most with self contained facilities, some shared toilets and shower facilities.
The auctioneers added: "The current rent paid is £30,000 pa for the remainder of a 125-year lease.
"Tenants are liable for electricity bills and council tax.
"Water bills are paid by owner (currently in the region of £1,200pa)."
Listing the tenancy details, the auctioneers said: "The current tenants include many long standing occupants.
"Recent lets are signed up on six months assured shorthold tenancies.
"Current rents range from £75-£100 each.
"Tenants are liable for electricity bills and council tax."
The lease details state: "The property is held on the remainder of a 125-year commercial lease, which commenced on April 1, 2005."
The property auction takes place at 11am on October 23.
Visit www.auctionhouse.co.uk/eastanglia/auction/lot/99634 for further details.