Lot 5 - 59 Greengate Street, London, E13 0BG

  • Unconditional Online Auction Sale
  • Guide Price* : 275,000 plus
  • 5 bed* HMO
  • Refurbishment required
  • Convenient location

ON BEHALF OF THE COURT APPOINTED RECEIVER: Mid terrace house being used as a 5* bedroom HMO in need of refurbishment

Description

The property comprises a mid-terrace house of traditional brick construction, under a tiled roof. It has a single storey extension at the rear. It is currently being used as an HMO, with the ground floor used to provide 3 letting rooms, shared common area room (former dining room, being used for storage and drying of clothes) and kitchen. At first floor there are 2 letting rooms and a shared bathroom, with WC.

The Receiver has obtained 4 copy tenancies indicating that the property is let at a combined annual income of £16,200 and we understand from the tenants on site that there is a 5th tenant. We cannot confirm this and we have no information as to their tenancy (if any).

*We cannot confirm if the current HMO Licence permits the current level of occupation, nor if the property complies with the relevant legislation and local Council's requirements and standards. We would anticipate various works and refurbishment is required and interest parties should rely on their own enquiries https://www.newham.gov.uk/housing-homes-homelessness/maintaining-good-standards-rented-property-landlords & https://www.newham.gov.uk/housing-homes-homelessness/rented-property-licensing/8.

Location

The property lies in a predominantly residential area of Plaistow, within the London Borough of Newham. Greengate Street (A112) provides direct access to local bus routes, with Plaistow Underground Station approximately 0.5 mile to the north. The intersection of Newham Way and the North Circular (A1020) is approximately 2 miles to the east.

Tenure

Freehold.

Accommodation

The property has the following approximate floor areas:

Ground : 63 sq. m (679 sq. ft)
First Floor: 43 sq. m (461 sq. ft)
Total: 106 sq. m (1140 sq. ft)

Outside

At the front is a small garden, with an enclosed yard at the rear.

Tenancies

• 12 months from 24th January 2021 at a rent of £370 per month
• 12 months from 9th January 2021 at a rent of £430 per month
• 12 months from 1st June 2021 at a rent of £350 per month
• 12 months from 1st January 2021 at a rent of £200 per month
• 5th Room - unknown

EPC

Energy Asset Rating is TBC.

Buyers Administration Fee

There will be a Buyer's Administration Fee of £2400 (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.

Bidding not yet open
Minimum Opening Bid

£265,000


Bidding Opens On
20th Oct 2021 11:30
Scheduled End Date

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Office Contact

James Ashworth
0161 967 0122

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