Lot 2 - 10a, b and c Worcester Terrace, Sunderland, Sunderland, SR2 7AR

  • Unconditional Online Auction Sale
  • Guide Price* : £60,000
  • Residential Investment Opportunity
  • Mid terrace arranged as 3 flats
  • Two flats currently let at a combined rent of £8,700 per annum

ON BEHALF OF THE RECEIVERS : Mid terrace house arranged as three self contained flats. One of the flats is vacant the other two flats produce a combined annual income of £8,700.

Description

The property comprises a two storey (with attic) extended mid terraced house which has been converted to provide 3 flats having a shared yard and 2 garages to the rear. There are three studio flats on ground, first and second floors. Please note that the sale is of the long leasehold interests for the 3 individual flats, together with the freehold of the yard, garages and outbuildings at the rear. It does not include the freehold of the main building - please refer to the Tenure section below and the Legal Pack for full details.

Location

The subject is located in Sunderland, approximately 0.5 miles from the City Centre. Sunderland lies circa 15 miles to the south east of Newcastle and 30 miles to the north of Middlesbrough in Tyne and Wear. The property is positioned on Worcester Terrace, which connects to the junction of A690 & A1231 via Thornhill Crescent. The A690 is a main arterial route linking Sunderland city centre to Junction 62 of the A1 (M). It is 0.3 miles from Park Lane underground train station.

Tenure

The sale includes the freehold held under title DU9016 (this includes the land and buildings to the rear of 10 Worcester Terrace, which includes the small, paved yard area and 2no detached garages – note however it does not include the main part of the building). In addition, there are 3 separate titles for each of the flats (Title Numbers: TY204631, TY207346 & TY209874), all being leasehold for a term of 99 years from 31st December 1987 at a ground rent of £35 per annum. There is also a maintenance rent in relation to the landlord’s costs in dealing with the structure, common parts etc. Please refer to the Legal Pack for further details.

Accommodation

Flat A: Ground floor studio flat having Bedroom/Lounge, Kitchen and Shower Room.
Flat B: First floor studio flat having Bedroom/Lounge, Kitchen and Shower Room.
Flat C: Second floor studio flat having Bedroom/Lounge, Kitchen and Shower Room.

Tenancies

Flat C is currently vacant and the two remaining flats are tenanted as follows. The Receivers do not hold original copies of the ASTs.

Flat A - Let on an Assured Shorthold Tenancy for a term of 6 months from the 3rd December 2021 (currently holding over) at a rent of £350 per month.
Flat B - Let on an Assured Shorthold Tenancy for a term of 6 months from the 4th August 2020 (currently holding over) at a rent of £375 per month.

EPC

Flat B and Flat C - Energy Performance Asset Rating - C

Council Tax Band

A

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.

* 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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