Scale Lane, Hull, East Yorkshire

£525,000

Guide price

  • Bedrooms: 15
*GUIDE PRICE £525,000 to £575,000 AN EXCELLENT RESIDENTIAL INVESTMENT OPPORTUNITY CURRENTLY GENERATING £87,160 PA GROSS INCOME. FURTHER DEVELOPMENT POTENTIAL WITH PLANNING CONSENT IN PLACE.

Description

Ruskin Chambers is a former Solicitors chambers, located in the heart of Hull's Old Town. Hull was the 2017 UK City of Culture and the old town district is home to many museums, restaurants, bars and cafes. The four storey building has more recently been converted into residential accommodation and occupied as a high standard licenced HMO, although each of the fifteen flats enjoy accommodation that has its own lounge/kitchen, bedroom and bathroom. Each flat is highly individual and offer character features as you would expect from a building of this type. One of the flats is a large 'Penthouse' that was originally created for the owners own occupation and car parking for up to 11 cars to the rear and a garage that has power and light connected and has previously been let out at £200 pcm.

In October 2016 planning consent was granted allowing its use as fifteen one bedroom self contained flats. Subject to various conditions, building regulation approval and separation of the services, the four storey building can now be further developed to enhance the appeal and rental/sale value by offering fully self contained apartments.

Income

Let as a HMO to mainly long standing and all working tenants, the property currently generates a gross total income of approximately £87,160 pa. A full schedule of rents and tenancies start dates are detailed below. The vendor informs us that the annual cost of providing gas fired heating, water and electricity for the building and council tax is approximately £10,000 pa giving a net rental income of approx. £77,000.

Planning Consent

Planning consent was approved (System Reference No. 16/00079/COU) on the 10th of October 2016 with conditions for the change of use of Ruskin Chambers and the neighbouring property Bedford Chambers from a HMO into 22 apartments. Although some of the conditions have been met, some remain outstanding and it will be the responsibility of the purchaser to complete works on the subject property to the planning authorities satisfaction. The building could also be retained as an HMO with 15 letting units with the possibility of creating more together with existing car parking for up to 11 cars.

Conditions of Sale

The property will be sold subject to the conditions of sale, copies of which will be available for inspection at the auctioneer's office and with the solicitors prior to the date of the auction.

Method of Sale

The property will be offered for sale by public auction on Wednesday 10th July 2019 at 6.30pm at The Beverley Racecourse, York Road, Beverley, East Riding of Yorkshire, HU17 8QZ. Tel: 01482 867488. For further legal information relating to this lot please log on to www.auctionhouse.uk.net/hullandeastyorkshire.

Viewing

Strictly by appointment with Auction House Hull & East Yorkshire on 0845 400 9900

Services

All mains services are connected to the property. None of the services or installations have been tested.

Tenure

We understand the property to be freehold (subject to confirmation by the vendor's solicitors in the legal pack). The property is sold subject to the existing tenancies

*Guide Price

*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.

Solicitors

Mr P Craft, Payne and Payne Solicitors, Hanover House, Alfred Gelder Street, Hull, HU1 2AH

Additional Fees

The purchaser will be required to pay an

administration charge of £750 (£625 plus VAT) (subject to a minimum of 0.3% + VAT of the purchase price), in addition to the purchase price of the property.

Disclaimer: Dee Atkinson & Harrison for themselves and for the vendors or lessors of this property, whose Agents they are, give notice that these particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a Contract. No person in the employment of Dee Atkinson & Harrison has any authority to make any representation or warranty whatever in relation to this property.

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