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*** For Sale by the MODERN METHOD OF AUCTION ***
We are delighted to bring to the market this HIGH YIELDING COMMERCIAL INVESTMENT that will no doubt be of interest to local and national investors. This attractive property occupies a good position on the east side of Queen Street, boasting spectacular rear views of the South Bay and Scarborough Castle. When fully let, this block of 9 flats brings in a gross income of approximately £42,800pa and has been well maintained by the current owner who is only selling due to other business commitments. This is a rare opportunity to acquire a substantial central block. Rental demand within the town is currently high and there maybe an opportunity to increase the current rental income. CPH Property Services offer a competitive MANAGEMENT SERVICE should any prospective purchaser require their investment to be looked after. All enquires to CPH COMMERCIAL.
This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, however from the date the Draft Contract is received by the buyers solicitor, the buyer is given 56 days in which to complete the transaction, with the aim being to exchange contracts within the first 28 days. Allowing the additional time to exchange on the property means interested parties can proceed with traditional finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Reservation Fee of 4.2% of the sale price, subject to a minimum payment of £6,000.00 including VAT, which secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative. The buyer will be required to sign an Acknowledgement of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation from and all terms and conditions can be found in the Buyer Information Pack which can be downloaded for free from the auction section of our website or requested from our Auction Department. Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the Starting Bid, both the Starting Bid and reserve price can be subject to change. Terms and conditions apply to the Modern Method of Auction, which is operated by East Yorkshire Property Auction powered by IAM Sold. Reservation Fee is in addition to the final negotiated selling price.
Scarborough is an established commercial, tourist and retail centre, approximately 40 miles east of York with a population of in the region of 81,000 people and a district population of around 110,000 persons (Sources: ONS and Focus). The town is adjacent to the North Yorkshire Moors National Park and is one of the principal resorts on the north east coast attracting an estimated 7 million visitors a year. Queen Street lies within the heart of Scarborough town centre and links Castle Road to Newborough and is a mixed use locality with a number of commercial operators such as Boyes Superstore, Scarborough Snooker Centre and The Lanterna Restaurant being located within the vicinity. Scarborough's famous South Bay is a 5 minute walk from the subject premises. Some of the eastern facing flats enjoy stunning views of the South Bay and Scarborough Castle.
The property comprises a mid terrace, brick constructed block of nine flats, arranged over lower ground, ground, first, second and third floors, being held under a pitched and slated roof. The flats are accessed via a communal entrance door from Queen Street with emergency lighting and smoke alarms being noted within the hallway and stairs leading both to the upper floors and lower ground floor. The flats are laid out as follows: Lower Ground Floor Flat C (2 Bedrooms) - £495 pcm Ground Floor Flat A (2 Bedrooms) - £470 pcm Flat B (2 Bedrooms) - £450 pcm First Floor Flat 1 (1 Bedroom) - £360 pcm Flat 2 (1 Bedroom) - £350 pcm Second Floor Flat 3 (1 Bedroom) - £370 pcm Flat 4 (1 Bedroom) - £375 pcm Third Floor Flat 5 (1 Bedroom) - £346 pcm Flat 6 (1 Bedroom) - £350 pcm
Believed to be freehold. Tenancy agreements will be made available to view to seriously interested parties.
The flats have energy assessments of: Flat C - D Flat A - C Flat B - C Flat 1 - C Flat 2 - C Flat 3 - D Flat 4 - D Flat 5 - E Flat 6 - F Copies of the EPC's and Recommendation Reports can be viewed at our offices.
The property appears to be connected to all main services. Prospective purchasers are advised to make their own enquiries with regards to services connected.
All figures quoted are exclusive of VAT however, our client reserves the right to charge VAT if applicable.
By appointment only via the Agents: CPH Property Services 19 St. Thomas Street Scarborough YO11 1DY Contact: Joe Walker MRICS Tel: 01723 352235 Email: firstname.lastname@example.org