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Lot 6

Residential Investment – Studio Flat – Gross Yield 15.3%
6 Week Completion

Situation

Located at the corner of Ockley Road, only a minutes' walk from Bognor Railway Station and the main town centre shopping area in London Road.
Bognor Regis is a popular coastal resort town and tourist destination, located just off the main A27 (via the A259), some 6 miles east of Chichester and 26 miles west of Brighton.

Property

Forming part of a corner property comprising a Self-Contained Studio Flat on the first floor.

Accommodation

First Floor Flat
Bedroom/Living Room, Kitchen, Bathroom/WC

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from 1st June 1989 at nil ground rent (see Note).

Tenancy

The property is let on an Assured Shorthold Tenancy to an Individual from 12th February 2017 (holding over) at a current rent of £8,400 per annum exclusive.

Note: The ground rent stated in the 999 year lease is £200 p.a. therefore the Vendor will enter into a Deed of Variation to remove the ground rent prior to completion.

Click here to view the floor plan of the flat.

*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.

Flat 1, 13 Linden Road, Bognor Regis, West Sussex PO21 2AL