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Guide Price: £375,000.00

Modern Method of Auction

113 & 113 A Spring Bank , , Hull , HU3 1BH

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CURRENT BID*

£370,000.00

(Place a bid)

AUCTION CLOSED

Lot Number: 51128828

Property ID: 17152236

Whoobid Auctioneers

djacobs@whoobid.co.uk

01202 137200

The minimum current bid is £370,500.00

Fees Apply

Automatic maximum bid £ (only bid in increments of £500)

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Guide Price

£375,000.00

Method of Auction

Modern

Property Type

Other

Number Of Beds

5+

Tenure

Freehold Property

Address

113 & 113A Spring Bank

Key Features

• Perfect Investment Opportunity
• 7 Studio Flats
• Commercial Shop
• Fully Tenanted
• Approximately 10% Yield Based On Guide Price
• Great High Street Location
• Freehold
• Buyers Fee Applies
• Pre Auction Offers Considered
• Auction Pack Available On Request

Description

A freehold commercial & residential investment arranged to provide a ground floor shop with seven studio flats above and eight bathrooms, situated within a mid terrace building arranged over ground and two upper floors. Fully let producing £46,000 per annum.

Ground floor lock up shop
First, second and third floors: 7 self contained studio flats with kitchen areas and shower rooms.

Current rental income for this property is as follows:
Commercial Unit - £570pcm
Flat 1 - £470pcm
Flat 2 - £360pcm
Flat 3 - £370pcm
Flat 4 - £470pcm
Flat 5 - £600pcm
Flat 6 - £470pcm
Flat 7 - £520pcm
Total rent - £46,000

Tenancy:
Please refer to the legal pack for the tenancy schedules for the seven flats.
Ground floor lock up shop is on a 12 Month AST starting December 2023 producing £6400 PA.

Tenure:
Freehold

Location:
The property is situated on a mixed use road in Hull amongst local shops and amenities. The open spaces of The Public Park are within easy reach. Transport links are provided by Hull Paragon International rail station.

This property is for sale via Online Auction. This is a modern twist on the traditional auction room sale where buyers can bid for the property via an online platform. The winning bidder, assuming the reserve is met, is granted exclusivity of the property at the winning bid price for 28 days in which they must exchange or the vendor is free to remarket the property and the reservation fee will not be returned. The auction will run for 3 hours on a set date and time chosen by the vendor of the property. Upon completion of a successful auction the winning bidder will be required to pay a non-refundable reservation fee of 3% inclusive of VAT of the winning bid in addition to the purchase price subject to a minimum fee of £4,800 inclusive of VAT. The auction is powered and carried out by Whoobid and is subject to terms & conditions which will form part of the auction pack which will be available to download for free once produced by the vendors legal representatives. We strongly recommend that you review the legal documents prior to bidding and seek legal advice. PLEASE REMEMBER THAT THE RESERVATION FEES ARE PAYABLE IN ADDITION TO THE ASKING PRICE.
Fees paid to the auctioneer may be considered as part of the chargeable consideration and may attract stamp duty liability. Bidders will be required to register in order to download the ‘legal pack’, if you choose to bid on the property you will be required to complete further identity checks for anti-money laundering purposes, provide card and solicitors details before you are able to place a bid. Properties may be sold prior to public auction if an offer is accepted by the vendors.

**Guide price - This is an indication of the seller’s minimum expectations at auction and is not necessarily the figure the property will achieve but acts as a guide, prices are subject to change prior to the auction.

**Reserve price - Most auctions will be subject to a reserve price, if this figure is not achieved during the auction then the property will not be sold. In normal circumstances the reserve price should be no more than 10% above the guide price.

Property Brochure

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Property Auction Pack

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EPC

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Floor Plan

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**These particulars are produced by the advertising agent and not
verified by Whoobid, they are believed to be correct but their accuracy
cannot be guaranteed and they do not constitute an offer or form part of
any contract.**

Map Location

Property Location

Address: HU3 1BH

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Agent's Information

Name: Whoobid Auctioneers

Address: LONDON, Dorset, EC1V 2NX

Telephone Number: 01202 137200

Email: djacobs@whoobid.co.uk

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