Lot 6 - High Yielding Freehold Investment

Guide Price* : £475,000 - £525,000 Currently let at £99,600 per annum A prominent end-terrace double-fronted property arranged as a ground floor bar with the upper three floors currently utilised as a House of Multiple Occupation with a separate one-bedroom flat situated to the rear of the property. Currently fully let and generating a strong annual income, interested applicants may wish to consider the long term potential of converting the upper floors into multiple self-contained flats, subject to all necessary consents being obtainable. Barnstaple is North Devon's largest settlement and has a broad range of retail and hospitality facilities. The property is situated in the town centre which, thanks to the Government's national Future High Streets Fund (FHSF), is currently subject to a range of potential regeneration projects which aim to improve the community's experience of the town, drive growth and ensure future sustainability. Commercial Unit Ground Floor Principal bar area with areas for seating, secondary bar area, drinks store, commercial kitchen and separate ladies and gentleman W.C.s. Outside Rear yard. Tenancy Let on a five-year commercial lease from 1st September 2023 at a current rental of £2,000 per calendar month. In addition, the lessee contributes towards a third of the building insurance and a £500 service charge for utilities. House of Multiple Occupation Ground Floor Access to side with stairway leading to first floor. First Floor Living room, kitchen and four letting rooms. Second Floor Five letting rooms, shower room with W.C., further shower room and separate W.C. Third Floor Two letting rooms. Tenancy Details All letting rooms are occupied and subject to Assured Shorthold Tenancy Agreements with rental amounts ranging from £425 per calendar month to £800 per calendar month. A full schedule will be available for inspection within the legal documentation. The current total rental generated is £69,600 per annum. Council Tax Band D The Flat Ground Floor Shared access to side. First Floor Living room/kitchen, bedroom and shower room with W.C. Tenancy Let on an Assured Shorthold Tenancy Agreement at a current rental of £500 per calendar month. The Auctioneers have been informed by the seller that the tenant may vacate the property prior to completion. Council Tax Band A Auctioneer’s Note 1 At the time of publication the Auctioneers have not inspected the whole of the property. Interested applicants are advised to make their own enquiries to verify the information provided. Auctioneer’s Note 2 The Auctioneers have been informed that all of the tenants within the HMO are in employment with the majority working within the health care industry. The current tenants have no history of arrears. Joint Auctioneer Midwinter Koval, 103 Boutport Street, BARNSTAPLE, Devon, EX31 1SY, 01271 322971