Block of flats for sale in Maritime Buildings, St Thomas Street, Sunderland SR1

Offers in region of £95,000 (£9/sq. ft)
Block of flats for sale 981 sq. m*
Interested in this property? Call +44 191 723 0021 * or Request Details

* Calls to this number will be recorded for quality, compliance and training purposes.

Property features

  • Long leasehold investment constructed c. 1900
  • Imposing Grade 2 Listed building refurbished 2005
  • Comprising 12 city centre apartments and lgf Bar
  • Annual income £1,100 increasing to £2,200 in 2028
  • Includes 1 apartment let on AST producing £5,100 pa
  • Current total annual income £6,200

Property description

Location
The property is predominantly located in Sunderland city centre standing at the junction of St Thomas Street and West Sunniside overlooking Sunniside Park.

Description
Maritime Buildings is an imposing Grade 2 listed constructed circa 1900 as a commercial office building arranged over 4 storeys plus basement. The property was extensively refurbished by Gentoo Construction in 2005 comprising 12 residential apartments and a self-contained public house t/a Sam’s Bar at lower ground floor level which has been sold on a 125-year lease at a peppercorn rent with service charge provisions.

Each apartments is subject to a 125 year lease les 1 day from 1st Feb 2003 with fixed rental uplifts at the 25th, 50th, and 75th years as follows:-

Years Annual Rent

1 - 25 £100


26 - 50 £200


51 - 75 £400


76 – 125 £800

Apartment 3 is let on an AST at a rental of £425 pcm (£5,100 pa) and will be included in the sale.

Accommodation
The property briefly comprises as follows:-

No Floor Beds Area M2 Rent pa Term Yrs
Bar lgf N/A Peppercorn N/a
1 G 2 64 £100 125
2 G 1 56 £100 125
3 G 1 70 £5,160 AST
4 1 2 55 £ £ £ £ £ £ £ £ £100 125
Tenure
We are advised the property is Freehold.

Asking Price
Offers in the Region of £95,000 (ninety-five thousand pounds) including apartment 3.

Costs
Each party will be responsible for their own Legal Fees incurred in the transaction.

Viewing
Contact – Mario Jaconelli or Alexa Reavley



• Service Charge
All leases contain service charge provisions and costs etc are recoverable from the tenants via the service charge in the usual way. Service charge budgets and statements are available upon request.


VAT


Figures quoted exclude VAT where chargeable.

Money Laundering Regulations
In accordance with Anti –Money Laundering Regulations, the Purchaser/Tenant will be required to provide 2 forms of identification together with confirmation of the source of funding.

Disclaimer
None of the equipment or systems within the premises have been tested by the Agent and it is the responsibility of the Purchaser/Lessee to ensure that they are in working order.

Ref C3804 Prepared March 2020


EPC


Apartment 3 Energy Rating E






Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

Arrange Viewing

For more information about this property, please contact
Lofthouse and Partners Ltd, SR1 on +44 191 723 0021 * (local rate)

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Lofthouse and Partners Ltd, and do not constitute property particulars. Please contact Lofthouse and Partners Ltd for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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