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Lot 4 Click here for addendum

Freehold Former Residential Care Home Investment – Gross Yield 14.1%.
6 Week Completion

Situation

Located close to the junction with Tal-Y-Bont in the popular village of Llanrug which is in the foothills of the Snowdonia Mountain Rage, approx. 3 miles from famous Llanberis which is one of the most popular mountain tourist centres in the Snowdonia National Parks.
Llanrug also lies approx. 4 miles from the coastal resort town of Caernarfon with its 13th Century Castle, multiple shopping facilities and beaches.

Property

A substantial Detached Former Residential Care Home on ground, first and second floor levels comprising:
• 13 Guest Rooms
• A 2 Bed second floor flat
• Onsite Parking
• Garage
• Patio
The property was substantially refurbished in 2023.

Accommodation¹

Ground Floor
Area Approx. 2,303 sq ft
First Floor
Area Approx. 1,894 sq ft
Second Floor
Area Approx. 455 sq ft

Total Area Approx. 4,652 sq ft

¹Not inspected by Barnett Ross. Areas provided by Vendor.

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a repairing and insuring lease to BM Properties MCR Ltd (see Note 1) for a term of 10 years from 7th June 2024 at a current rent of £24,000 per annum exclusive.

Rent Review 2029 (rent not to exceed £30,000 p.a.)

Landlord's Break at any time on 90 days prior notice, subject to paying the Tenant a £20,000 penalty - refer to the Lease in the Legal Pack.

Planning

The Vendor has submitted a Planning Application (November 2024) to Gwynedd Council for ‘Change of use of former Foelas Residential Care Home C2 to a Sui Generis to create 13 person / bedroom House in Multiple Occupancy (HMO)' (Planning Ref: C23/0907/23/LL).
Click here to view the Planning Documentation.

Note 1: The Vendor has advised the tenant is currently using the property for letting purposes pending the outcome of the revised 13 bed HMO Planning Application.

Note 2: The adjacent 5 Bed Detached House (known as Clydfan) sold for £315,000 in December 2023 (source: zoopla.co.uk).

*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.

Y Foelas (Former Residential Care Home), Station Road, Llanrug, Caernarfon, Gwynedd LL55 4BE