Auction Property Details

23-25 Grange Mount, Prenton, CH43 4XN

Lot 30 - 21.07.2015

AVAILABLE AT £260,000

FOR SALE BY PUBLIC AUCTION TUEADAY 21ST JULY 2015 AT LIVERPOOL TOWN HALL

23-25 GRANGE MOUNT, OXTON, CH43 4XN

INVESTMENT

WHY BUY?
Mixed commercial/residential
Trading car Wash
10 x one bedroom flats
Good rental location
Current rental income of £?????

DESCRIPTION
This is a large mixed use property that has a tenanted car wash unit to the front and a 3 storey residential block to the rear. There are 10 x one bedroom self contained flats spread over 3 storeys. At present 6 are fully tenanted on AST's and bringing in £2,090pcm/£25,080pa with the other 4 requiring some repair and decoration prior to letting. The commercial unit is trading as a car wash and paying rental income of £350pcm/£4,200pa. This gives a total combined current rental income of £2,440pcm/£29,280pa.

There is potential to convert the commercial unit at the front to residential subject to getting all the relevant permissions and the some of the flats could be refurbished to try and maximise rental potential in those. Should you convert the car wash to provide 2 further one bedroom flats and refurbish all of the current flats to high standards, then there is potential to charge per flat £395pcm/£4,740pa, and achieve a total gross annual income in excess of £50,000pa.

Venmores have not inspected all of the property but have been informed by the vendor that each flat contains one bedroom, shower room, kitchen/living room. There are 2 flats to the ground floor, 4 flats on the first floor, and 4 flats on the second floor. The flats to the ground floor have their own front door with the other 8 flats sharing a communal door with stairs to all floors. The car wash has a large open drive way with two exits, covered service area, small offices, wc.

LOCATION
Grange Mount is situated in the popular Oxton area of Birkenhead less than one mile from Oxton village with all its popular shops, bars and restaurants and just a short walk from all the amenities of Birkenhead centre. The nearby A41 gives easy access to the motorway network and tunnel links directly to Liverpool city centre.

Rent schedule:
Car wash - Tenanted at £350pcm/£4,200pa
Flat 1: Currently vacant
Flat 2: Tenanted at £395pcm/£4,740pa
Flat 3: Currently vacant
Flat 4: Tenanted at £390pcm/£4,680pa
Flat 5: Currently vacant
Flat 6: Tenanted at £360pcm/£4,320pa
Flat 7: Tenanted at £300pcm/£3,600pa
Flat 8: Currently vacant
Flat 9: Tenanted at £250pcm/£3,000pa
Flat 10: Tenanted at £395pcm/£4,740pa

Price Information

*Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each 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.