Auction Property Details

8 Apartments 1 Grange Road West/ 2 Oxton Road, Birkenhead, CH41 4BY

Lot 24 - 13.02.2013

SOLD LATER

EIGHT x ONE BEDROOM APARTMENTS FOR SALE BY PUBLIC AUCTION AT THE LIVERPOOL TOWN HALL ON 13TH FEBRUARY 2013 - 1 GRANGE ROAD WEST/2 OXTON ROAD, BIRKENHEAD, CH41 4BY

INVESTMENT

WHY BUY?
- Guaranteed rent until 2025
- Current rent passing £22,800pa
- Rent reviews every 5yrs
- Full repairing and insuring lease with Forum Housing Association
- 8 x one bedroom apartments
- Fully renovated in 2010

DESCRIPTION
Eight, one bedroom apartments with a guaranteed rent for another 12yrs at a minimum rent of £22,800pa, which will increase every 5yrs at a rate of 0.5% above the RPI (see legal pack for full details) The flats were fully renovated in 2010 (see legal pack for full planning permission granted) and are now subject to a 15yr Full Repairing & Insuring lease with Birkenhead Forum Housing Association.

At the end of the term they will either renew the lease or will have to fully reinstate the property to the same condition as was given to them straight after the renovation. Regardless of whether the flats are empty the owner of this property will be guaranteed their rent. From an investment point of view this property offers a purchaser a yield in the region of 10%, but with the security until 2025, something that would be extremely difficult to obtain elsewhere.

Due to the conditions in the lease for 'Quiet Enjoyment' it may be difficult to arrange multiple viewings on this particular property and 1 block viewing may be the only access we are granted prior to the auction so if you are interested then please call our auction department as soon as possible to register your interest. Plans and photos will hopefully be available with the details on our website www.venmoreauctions.co.uk

Detailed plans are available for inspection at our offices on 9 Dale Street, Liverpool, L2 2SH, or can be found at www.wirral.gov.uk/planning with the planning application APP/07/05336.

TENURE
Long Leasehold for a term of 999 years at a peppercorn rent.

LEASE
Term: 15 Years from February 2010
Basis: FRI
Rent: £22,800 per annum
Reviews: February 2015 & February 2020

LOCATION
Situated at the corner of Grange Road West & Oxton Road in Birkenhead the property is in a prime location with numerous shops, bars, restaurants all within walking distance, and Birkenhead town centre a short 10 minute walk away. The property is a minute drive from Borough Road (A552) which leads directly through Birkenhead, Prenton, and to New Chester Road (A41) and minutes’ drive away from the Mersey Tunnel.

ACCOMMODATION: Entrance at ground floor level

FIRST FLOOR: 4 x 1 bedroom self contained flats each having kitchen, living/dining room, bathroom, bedroom

SECOND FLOOR: 4 x 1 bedroom self contained flats each having kitchen, living/dining room, bathroom, bedroom

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.