Residential development for sale
Property description & features
- Tenure: Freehold
- To Be Sold By Auction
- Investment Opportunity
- Planning Permission Granted
- 4 Studio Apartments & 3 Bed HMO
- Lancaster City Centre
- Student Lets
- Estimated Circa £55k - £60k Annual Income
To be sold by modern method of auction with Iamsold auctions. Further information below.
An exciting development and investment opportunity. Planning permission has been granted for the ground floor and lower ground floor conversion to 4 studio apartments. The upper floor has an existing 3 bedroom HMO apartment.
For further information planning documents and plans can be viewed on the Lancaster City Council Planning Portal. Planning Application Reference: 22/00198/FUL
The location of this property is popular for students, between the Spar building and Williamson Court on Greaves Road in Lancaster. Bus stops almost immediately outside on both sides of the road with frequent services to Lancaster University or back to the City Centre.
Estimated Rents:
It is estimated that the studio apartments will achieve between £200 and £240 per week.
The 3 rooms within the HMO apartment have been let out at around £105 per room per week.
Auctioneers Comments:
This property is for sale by the Modern Method of Auction, meaning the buyer and seller are to Complete within 56 days (the "Reservation Period"). Interested parties personal data will be shared with the Auctioneer (iamsold).
If considering buying with a mortgage, inspect and consider the property carefully with your lender before bidding.
A Buyer Information Pack is provided. The winning bidder will pay £300.00 including VAT for this pack which you must view before bidding.
The buyer signs a Reservation Agreement and makes payment of a non-refundable Reservation Fee of 4.50% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. This is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. This is considered within calculations for Stamp Duty Land Tax.
Services may be recommended by the Agent or Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £450.00. These services are optional.
Tenure: Freehold,Places of interest
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