£279,950

8 bed for sale on Old Town (ref: 27726645)

Shortlist
AMAZING PRICE AND OFFERS WILL BE CONSIDERED.....6 APARTMENTS AND 4 OF THEM WITH SEA VIEWS...Very muched priced to sell. With income when fully let of over £25,000 per year. FANTASTIC SEA/BAY VIEWS .....from four of the apartments. Fantastic Value, Genuine reason for sale.

AMAZING VALUE AND OFFERS CONSIDERED. Situated just close to the harbour is this commercial/residential block of six apartments. On the first floor are 2 x 1 bedroom apartments and 1 x 2 bedroom apartment, on the second floor are 2 x 1 bedroom apartments and 1 x 2 bedroom apartment.
On each floor the 2 bedroom apartments have sea views as do two of the 1 bedroom apartments. All come with gas central heating and there is partial double glazing to the block. Current rents on the apartments are Flat 1= £315PCM Flat 2= £325PCM, Flat 3=£400 PCM, Flat 4=£325PCM, Flat 5=£320PCM, Flat 6=£400PCM. Total income when fully let is £25,020 per year. Located just a few yards from the beach.

If these properties were split. The individual resale values would be.
First & Second Floor one bedroom apartments, non sea view £50,000 x 2 = £100,000
First & Second floor one bedroom apartments with sea views £65,000 x 2 = £130,000
First & Second floor two bedroom apartments with sea views £85,000 x 2 = £170,000

Total value would be £400,000. This would be the values should the residential apartments be sold separately. Now being sold as a collective block and it this price it is virtually averaging out at £45,000 per apartment.

The ground floor restaurant pays the ground rent on the block do no ground rent and the owner of the apartments is responsible for the maintenance of the apartments and roof. 999 year lease was granted on the block in 2004.

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Stamp Duty Due

Based on a sale price of £279,950 the total amount of stamp duty payable will be:

£3,998 *

* This value is based on the standard rate and not applicable to first-time buyers or buy-to-let / second home buyers.

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Property Images

Further Details

  • Status: Available
  • Reference: 27726645

Amenities

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