59 St. Michaels Road, Bournemouth, Dorset, BH2 5DP
Guide Price* : £590,000
Freehold Residential Investment
- Prominent residential building converted into eight flats across five floors
- Well located in close proximity to Bournemouth town centre, the seafront and Bournemouth railway station
- Fully let residential investment producing a gross income of £71,760 per annum
- Potential to improve rental income through refurbishment
- Guide price of £590,000 reflects an attractive yield of c. 12%
The property comprises a five storey mid-terrace property arranged as eight flats.
The lower ground floor comprises a two bedroom flat with direct access to the rear garden whilst the remaining residential units comprise three studios to the front, three one bed flats to the rear and a two bedroom flat on the fourth floor. All the flats benefit from an entry phone system.
The investment benefits from the opportunity to refurbish the property and in turn increase the passing rent.
The property is situated in an extremely popular area on the eastern side of St Michaels Road a short walk from Bournemouth town centre and Bournemouth beach. The immediate surrounding area predominantly comprises residential uses including hotels and guests houses. Commercial Road is located 0.1 miles north of the subject and is a busy high street comprising of eateries, national retailers and local occupiers.
Transport links are good with the A338 being located c. 0.5 miles north of the subject which is an arterial road that links to other major roads including the A31 that leads onto the M27. Bournemouth Railway Station is located approximately 2 miles north east of the subject and offers a regular and direct route to London Waterloo.
The property is let on eight separate Assured Shorthold Tenancy Agreements producing a gross income of £71,760 per annum.
As at 29th April 2019 all ASTs bar two have expired and the tenants occupy under periodic tenancies.
The rental income is inclusive of utilities, including gas, water and electricity.
It is our understanding that only one of the rent deposits is secured with a protection service. Please see the legal pack for more information.
Bournemouth Council - www.bournemouth.gov.uk (01202 451 323)
Our Property Finance team have sourced indicative auction finance terms for this property at 75.00% LTV.
For more details please contact:
020 7198 2241
* Generally speaking Guide Prices 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. 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.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton May 2019
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.