5 Bed Terraced House For Sale

*** OFFERED FOR SALE BY MODERN METHOD OF AUCTION *** AN INVESTMENT OPPORTUNITY TO ACQUIRE A FREEHOLD BUILDING COMPRISING FIVE SELF CONTAINED FLATS CURRENTLY LET TO PROFESSIONAL TENANTS. Freehold. Council Tax Band A.


THE BUILDING
Presented to the market with the benefit of NO ONWARD CHAIN, this is a great opportunity to purchase a ready-made investment which is currently producing net rental income of £28477 per annum. The current owner/landlord pays council tax and water rates (current combined amount is £2318 per annum), with each tenant paying their own electricity bills. Please note: there is currently no gas to the building. The building is currently held on a single Freehold title and we are advised that the property was converted into self-contained units in the mid-1980’s, with our seller having owned since 2000. The flats are currently let to professional tenants on Assured Shorthold tenancies through to October 2025. Parking is on street and as the property is located so close to the City centre, resident parking permits are in operation and we understand these can be obtained from Leeds City Council.

1 Claremont View is for sale as a going concern and the current fixed term tenancies are unaffected. We highly recommended anyone who is seriously interested to arrange an early viewing.

RENTAL INCOME
Currently, the building is fully let to professional tenants producing a gross rental income of £30795 per annum with minimal void periods between tenancies. We believe there is an opportunity to increase the overall rental income further by upgrading the fixtures and fittings as and when a flat becomes vacant.

THE FLATS & TENANCY INFORMATION
FLAT 1
This is a one bed ground floor flat with a floor area of approximately 33 squares metres. It is currently let on a fixed term AST until October 2025 at £710pcm.

FLAT 3
This first floor studio flat has a floor area of approximately 16 square metres and is currently let on a fixed term AST until July 2025 at £500pcm.

FLAT 4
This first floor studio flat has a floor area of approximately 15 square metres and is currently let on a fixed term AST until August 2025 at £470pcm.

FLAT 5
This second floor studio flat has a floor area of approximately 15 square metres and is currently on a periodic AST at £425pcm.

FLAT 6
This second floor studio flat has a floor area of approximately 20 square metres and is currently let on a fixed term AST until June 2025 at £475pcm.

PLEASE NOTE: There is no Flat 2.

LOCATION
The property is located approximately 1 mile north from Leeds city centre (Headrow), an approximate 15 minute walk away. The location is therefore ideal for those working in the city centre, or at the nearby University, Hospital or Business School. The historic Hanover and Woodhouse Squares are close-by, offering well-maintained public spaces with a mix of gardens, multi-use games areas, seating and paths.

EPC RATINGS
Flat 1 – E
Flat 3 - E
Flat 4 - C
Flat 5 - E
Flat 6 - E

AUCTIONEER COMMENTS
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold Limited. This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyer’s solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey). The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.5% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded. This property has a Buyer Information Pack, which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack. The buyer will also make payment of £300 including VAT towards the preparation cost of the pack, where it has been provided by iamsold. The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

REFERRAL ARRANGEMENTS
The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended, as it is believed they will be of benefit, you are under no obligation to use any of these services and you should always consider your options before services are accepted. Where services are accepted, the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.

MATERIAL INFORMATION
TENURE
The building is on a single Freehold title.

SERVICES
The property has mains electricity, water and drainage/sewerage, which were connected and working at the time of our inspection.

BROADBAND/MOBILE SIGNAL & COVERAGE
BROADBAND is available in this area / MOBILE SIGNAL & COVERAGE is available in this area.

FLOOD RISK & PLANNING PERMISSION
FLOOD RISK – not known to be an issue / PLANNING PERMISSION – none in the immediate area.

COUNCIL TAX BAND A