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Lot 22

Gross Yield 10.8%
6 Week Completion

Situation

Located in this quiet cul-de-sac just off The Drive being within the Collier Row district of Romford and close to local schools and parks. Romford town centre and Mainline Station lie approx. 2 miles to the south which will benefit from being part of the Crossrail/Elizabeth Line from 2019.
Romford lies approx. 14 miles north-east of central London having good road access being within close proximity to the A12 Eastern Avenue which links the A406 (North Circular Road) and M25 (Junction 28).

Property

An end of terrace Licensed HMO planned on ground, first and second floors comprising 6 Studios (each with Shower/WC) together with 2 communal Kitchens and carpeted hallways and stairways. In addition, there is a Rear Garden.
The property was extensively refurbished in 2015 with new side and rear extensions, rewired with emergency lighting and integrated fire system. The property includes gas central heating, uPVC double glazing and an intruder alarm.

ACCOMMODATION (GIA Approx. 1,835 sq ft)
Ground Floor (Units 1, 2 & 3)
3 Studios (each incl. Kitchenette and Shower/WC) plus communal Kitchen
(Unit 3 has access to rear garden)
First Floor (Units 4 & 5)
2 Studios (each incl. Kitchenette and Shower/WC) plus communal Kitchen
Second Floor (Unit 6)
1 Studio, Kitchen plus Shower Room/WC

VAT is NOT applicable to this Lot

Freehold

Tenancy

The entire property is let on an internal repairing lease to Stef and Philips Ltd (see Tenant Profile) for a term of 9 years from 12th October 2015 (excl. s.24-28 of L & T Act 1954) at a current rent of £43,200 per annum exclusive.

Annual Rent Reviews to 85% of any increase in the Local Housing Allowance receivable by the lessee.

Landlord's Break at any time after 12th October 2018, subject to 6 months prior notice.

Tenant Profile

Stef & Philips was established in 2006 and is now a leading provider of Social Housing accommodation across the UK and provide accommodation for over 4,500 residents (Source: www.stefphilips.com).

Note 1: The property is a registered HMO for a maximum of 12 persons with a 5 year license from 24th March 2016 to Stef and Phillips Ltd from London Borough of Havering.

Note 2: The lessees currently sublet 3 units on ASTs, 2 units as temporary accommodation and 1 unit is vacant (at time of printing).

*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.

30 Robin Close, Romford, Essex RM5 3UJ