Block of 27 apartments to be auctioned off with guide price of £250,000
PUBLISHED: 10:25 23 March 2019 | UPDATED: 12:53 23 March 2019
A block of 27 apartments, located in a prime position on a popular seafront, is set to be auctioned off next month.
The House of Multiple Occupation (HMO) on Marine Parade in Great Yarmouth is being marketed by Auction House East Anglia.
It is being sold by auction on April 10 with a minimum guide price of £250,000 to £275,000 (plus fees) on a leasehold tenure, with the auctioneers describing it as a “residential investment.”
According to the property description from the auctioneers – ahead of the 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 27-bed house of multiple occupation has been divided into apartments, most with self contained facilities.”
Based at 69-70 Marine Parade, 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.
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 April 10.
Visit www.auctionhouse.co.uk/eastanglia/auction/lot/95482 for further details.
■ At the same auction next month, an 11-bed House of Multiple Occupation (HMO) at 12 Wellesley Road in Great Yarmouth is also being sold as a “residential investment.”
Described as a “substantial bay fronted building,” which used to be a guest house, it has “for many years” - according to the auctioneers - “operated as a licenced HMO.”
It has a minimum guide price of £190,000 (plus fees) on a freehold tenure, and is “well located between the town centre and seafront,”
Visit www.auctionhouse.co.uk/eastanglia/auction/lot/95934 for further details.