Lot 1 - The Orient Building, Station Road, Fleetwood, Lancashire, FY7 6NW

  • Unconditional Online Auction Sale
  • Guide Price* : £925,000 plus

Addendum

At present the property is let to 23 individuals on 21 ASTs (Two Rooms are subject to double occupancy), with single occupancy rent at £385 per month and double occupancy at £429 per month. This provides a current total rent of £8,556 per month. Due to COVID the property is now also let to non-students.

  • 41 bedroom student accommodation
  • Current monthly income £8,943 (part let)
  • Potential monthly income in excess of £15,000

Seven self contained 'houses' comprising a 41 bedroom student accommodation currently let at £8,717 per month with potential to increase that to over £15,000 per month

Description

The Orient Building is a prominent local landmark building, formerly a Custom House and now converted into student accommodation, serving mainly students of the specialist Fleetwood Nautical College. The property now comprises 7 self contained "houses" (four 4 bedroom, two 5 bedroom and one 2 bedroom), together with 2 apartments (one 7 bedroom and one 6 bedroom) to provide up to 41 letting bedrooms. Due to COVID the property is now also let to non-students.

At present the property is part occupied, with 4 rooms vacant of those available to rent. In addition the 13 rooms in the apartments are vacant as they are being refurbished, with works to be finished before the auction. The current monthly income is £8,556, with scope to increase significantly to over £15,000 per month (assuming single occupancy at £89 per week) once all rooms are available to rent and the college re-opens on-site once COVID restrictions are lifted.

Location

The property is located within Fleetwood town centre, conveniently located adjacent to an Asda superstore and within walking distance (less than 300m) from the main retail area of the town on Lord Street. Station Road links Dock Road and Lord Street, both of which provide access to local bus routes, with Tram stops also available on Lord Street. The Fleetwood Nautical Campus is approximately 1.25 miles to the south and Blackpool town centre 6.5 miles to the south.

Accommodation

House One - Four Bedrooms with Hall, W.C, Open Plan Kitchen/Lounge and Bathroom/W.C
House Two - Four Bedrooms with Hall, Open Plan Kitchen/Lounge and Bathroom/W.C
House Three - Five Bedrooms with Hall, W.C, Kitchen and Bathroom/W.C
House Four - Four Bedrooms with Hall, W.C, Open Plan Kitchen/Lounge and Bathroom/W.C
House Five - Four Bedrooms with Hall, W.C, Open Plan Kitchen/Lounge and Bathroom/W.C
House Six - Five Bedrooms with Hall, W.C, Open Plan Kitchen/Lounge and Bathroom/W.C
House Seven - Two Bedrooms with Open Plan Kitchen/Lounge and Shower Room/W.C (currently used as Caretakers Accommodation)
Apartment Eight - Seven Bedrooms with Hall, W.C, Open Plan Kitchen/Lounge and Two Shower Rooms
Apartment Nine - Six Bedrooms with Hall, W.C, Open Plan Kitchen/Lounge and Two Shower Rooms

Tenancies

At present the property is let to 23 individuals on 21 ASTs (Two Rooms are subject to double occupancy), with single occupancy rent at £385 per month and double occupancy at £429 per month. This provides a current total rent of £8,556 per month.

EPC

Energy Asset Ratings are a mix of C & D.

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.

* 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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