George Street, Devonport, Plymouth.

Block of 6 Apartments

Situated within the popular regeneration area of Devonport, with various modern developments nearby, is this opportunity to acquire an ongoing freehold investment property comprising of 6 self-contained apartments. Originally the old Admiral’s Quarter, this grade 2 listed building is conveniently located close to the waters edge, regular transport links into Plymouth city centre and within easy reach of HMNB Dockyard. In addition to the 6 apartments, there is also the added benefit of outbuildings (which are currently used to house the washing facilities and for storage) as well as two basement areas. Whilst the building is being sold as an ongoing investment opportunity with tenants in situ, there is still further development potential to increase the value (subject to consents).

Tenure – Freehold

AUCTIONEERS NOTE

The sale is to include the freehold as well as the individual leasehold titles within the building. Further details are included within the legal pack which is free to download via our website. All 6 flats are let on AST Agreements and are currently producing a gross annual income of £42,720 PA (£3560pcm). The breakdown is as follows – Flat 1 £650 PCM Flat 2 £725 PCM Flat 3 £650 PCM Flat 4 £500 PCM Flat 5 £545 PCM Flat 6 £490 PCM The property has a variety of options including but not limited to, conversion into a House of Multiple Occupancy (Ideally located outside of the Article 4 Directive) or further development by converting the loft space or basement to create extra apartments as well as Flat 2 which can be split into two individual – all subject to necessary consents.

VIEWINGS – Regular block viewing sessions will be provided in the lead up to the auction. Please telephone Auction House South West T to request a viewing.

Legal Pack – Part of the auction legal pack is available to download. To register for the legal pack, please contact the office for more information. .

NOTICE TO BIDDER – Please be aware that if your Bid is successful on Auction day the exchange of contracts will happen immediately after the Auction.

FULL DETAILS – Photographs, Dimensions, Floor Plans and Area Measurements (when available) are included within our full details online on our website. All published information is to aid identification of the property and is not necessarily to scale

Energy Efficiency Rating (EPC) Current Rating Flat 1 – E, Flat 2 – D, Flat 3 – D, Flat 4 – D, Flat 5 – E, Flat 6 – D

Local Authority – Plymouth City Council

Solicitors – 22 Law Solicitors, 22 Front Street, Ref: Claire Stanton,

Offered in association with Auction House South West

Important Notice to Prospective Buyers: – We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees

Administration Charge – £1200 inc VAT payable on exchange of contracts.

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