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Lot A

Freehold Town Centre Residential Investment of 30 Flats including 19 Self-Contained Flats (4 × Studio, 12 × 1 Bed & 3 × 2 Bed) let on ASTs producing £153,840 per annum

6 Week Completion

Situation

Located at the junction with Bath Road and Westover Road and opposite the iconic Royal Bath Hotel. The property is conveniently situated by the town's prime leisure location which includes the Bournemouth Pavilion and Westover Park as well as the Seafront which is only a few hundred yards distant. In addition, the town's multiple retail facilities in Old Christchurch Road are within a few minutes walk.
Bournemouth is a popular seaside resort and University Town situated on the south coast approximately 30 miles south-west of Southampton and just under 6 miles east of Poole, enjoying excellent road access via the A31 to the M27.

Property

A substantial corner property comprising 30 Self-Contained Flats planned on ground and four upper floors together with a Restaurant on upper and lower ground floor levels.
There is a section of the lower ground floor restaurant which is not included in the Freehold Title.

VAT is NOT applicable to this Lot

Tenure
1. FREEHOLD - The Freehold of the entire property is being offered for sale and is let as follows:
• 30 Self Contained Flats (Flat numbers 1-30) each let on a full repairing and insuring lease (by way of service charge) for a term of 125 years from 1st April 2012 at a combined ground rent of £7,500 p.a. exclusive (£250 per flat) doubling every 25 years.
• Restaurant on upper and lower ground floors let on a full repairing and insuring lease for a term of 999 years from 25th December 2001 at a fixed ground rent of £1 p.a.

2. 19 LEASEHOLDS - In addition to the Freehold, the 125 year leases of 19 Self-Contained Flats (4 × studio, 12 × 1 bed and 3 × 2 bed) within the property are included in the sale, each of which have been sublet on ASTs producing £153,840 p.a. as set out in the ‘Tenancies & Accommodation' schedule opposite.

Note 1: This purchase may be subject to Stamp Duty Land Tax Relief for Multiple Dwellings - Applicants should consult their own advisors in this respect.

Note 2: A purchase by a Charity or Registered Social Landlord may qualify for 100% Stamp Duty Tax Relief - Applicants should consult their own advisors in this respect.

Note 3: There may be potential to add additional accommodation on the roof, subject to obtaining the necessary consents. Plans available from the Auctioneers.

Note 4: The Freeholder insures - current sum insured is £5,969,354 and current premium is £8,372.57.

• Flat 18 (1 Bed Flat) is under offer at £145,000.
• Flat 30 (2 Bed Flat) is under offer at £165,000.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

Flats 1–30, County Heights, Hinton Road, Bournemouth, Dorset BH1 2AJ