Terraced house for sale in 36 Northgate Street, Great Yarmouth, Norfolk NR30

For sale by auction on Wednesday, 01 May 2024 at 11:00

Venue: Livestream Auction

Substantial investment HMO property producing £33,120 pa situated in the centre offering eight bedsits which are in need of some improvement

Substantial Victorian terraced property which has been an HMO since 1963. It’s was on the original HMO register set up by Great Yarmouth in 1980 and has been fully licensed for 15 years plus with current scheme. Full lawful planning consent use has never been applied for as it’s not been required as Gt Yarmouth Borough Council recognised it as a HMO. The current owner has had a mortgage on the property since ownership.

Comprising of eight bedsits with established tenants, the property is currently fully let and is producing an income of £33,120 pa. Please note the owner has served notice of rent increases to the tenants to commence of 1st July 2024 which will increase the income to £40,800pa.

There are three bedsits on the ground floor, three on the first floor and two on the second floor. All tenants are on AST agreements which will form part of the legal pack and all would like to remain in situ. The property is In need of some maintenance internally which would enhance the property, tenants and potential yields. Ideal investment property.

Ground Floor
Communal Hall, Flats 1,2 and 3 communal toilet

First Floor
Landing, Flats 4,5 and 6 with communal toilet

Second Floor
Landing, Flats 7 and 8

Council Tax Band

A

EPC Ratings
Flats 1,2,3,4 & 6 = E

Flat 5 = F

Flats 7 & 8 = G

Viewings
Viewings are being held strictly by appointment only and the next opportunities to view are on Wednesday 24 and Monday 29 April. Please contact the Norwich office to book your appointment.

EPC Rating: E, F, G

Additional Fees
Buyers Premium: £960 inc VAT payable on exchange of contracts.

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.