Lot 10 - 226 Mary Street, Sparkbrook, Birmingham, Birmingham, B12 9RJ
- Unconditional Online Auction Sale
- Guide Price* : £265,000 plus
- Residential investment
- Block of 5 units
- 4 Flats and a Bungalow
- Potential to improve
- Some refurbishment required
- Relatively large plot, extending to 0.17 acre
- Annual Equivalent income £36,000
On Behalf of the Court Appointed Receiver: Property converted into 5 separate flats let at a gross annual equivalent rent of £36,000
Description
The property comprises a tenanted (gross annual rent £36,000) semi-detached property of traditional brick construction under a slate roof, that has been extended and sub-divided into 4 self-contained flats (1 two bedroom and 3 one bedroom units) each with a kitchen, lounge and a bathroom or shower room. Flats 1 and 2 are on the ground floor and Flats 3 and 4 are on the first floor. In addition, there is a bungalow at the rear, that has an entrance hall, kitchen, bathroom, lounge and two bedrooms.
Each unit has its own gas boiler and central heating. Some areas require refurbishment.
The property benefits from a relatively large plot, extending to 0.17 acre, with an area of enclosed hardstanding/parking shared by the tenants.
Location
The property is situated in a residential area within the Balsall Heath area of Birmingham. Mary Street is accessed from Edward Road, which links to Haden Way where there are numerous local shops and amenities. Birmingham city centre is approximately 1.5 miles to the north. Local bus routes are within easy walking distance and there are a number of public parks within 0.25mile.
Tenure
Freehold.
Accommodation
Flat 1 Hallway, Lounge, Kitchen, Shower Room and Bedroom - 31.89 sq. m / 343 sq. ft
Flat 2 Hallway, Lounge, Kitchen, Bathroom and Bedroom - 44.28 sq. m / 477 sq. ft
Flat 3 Hallway, Lounge, Kitchen, Bathroom, Storeroom and 2 Bedrooms - 60.79 sq. m / 654 sq. ft
Flat 4 Hallway, Lounge, Kitchen, Shower Room and Bedroom - 49.88 sq. m / 536 sq. ft
Flat 5 (Bungalow) Hallway, Lounge, Kitchen and 2 Bedrooms - 64.91 sq. m /698 sq. ft
Total 251.75 sq. m / 2,708 sq, ft
Outside
Externally, the property has a small forecourt to the front and the aforementioned yard/parking at the rear.
Tenancies
Flat 1: Originally let on a 12 month AST from 20th August 2021 at a rent of £500 per month and the tenant now has a statutory periodic tenancy. The rent is now £575 per month.
Flat 2: Originally let on a 12 month AST from 2nd October 2019 at a rent of £475 per month and the tenant now has a statutory periodic tenancy. The rent is now £550 per month.
Flat 3: Originally let on a 11 month AST from 1st October 2020 at a rent of £575 per month and the tenant now has a statutory periodic tenancy. The rent is now £650 per month.
Flat 4: Originally let on an 8 month AST from 1st January 2020 at a rent of £475 per month and the tenant now has a statutory periodic tenancy. The rent is now £550 per month.
Flat 5(Bungalow): Originally let on a 6 month AST from 31st October 2021 at a rent of £675 per month and the tenant now has a statutory periodic tenancy. The rent is now £675 per month.
The current total monthly rent is £3,000 equivalent to £36,000 per annum.
EPC
Flat 1: D Expires 8th June 2031 Flat 2: C Expires 21st March 2034 Flat 3: C Expires 27th September 2030 Flat 4: D Expires 3rd December 2029 Flat 5: D Expires 3rd December 2029
Council Tax Band
A
Buyers Administration Fee
There will be a Buyer's Administration Fee of £3,000 (inc VAT) payable upon exchange of contracts.Additional Information
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
3. The property is being sold under Proceeds of Crime legislation. Please see Legal Pack for further details.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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