land & development in NE33

Beach Road, South Shields, Tyne and Wear, NE33 2QT

Starting Bid
£185,000
Current Bid £0
Time left:
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Online auction

Alternatively call 0191 580 1587 or email commercial@pattinson.co.uk

  • Portfolio of 3x Residential Apartments
  • Great Investment Opportunity
  • 2x Flats Currently Tenanted (1 vacant)
  • Current Annual Income of £9,540
  • Potential Annual Income of £16,740
  • Freehold Title

land & development in NE33

FOR SALE BY AUCTION: Terms and conditions apply.

We are pleased to offer to auction this portfolio of flats, well located along the popular Beach Road, South Shields. The portfolio comprises three flats (1no. one bed, 1no. two bed and 1no. three bed), two of which are currently tenanted. The current annual income is £9,540 per annum, however when the last flat is let, the rental income can reach £16,740 per annum.

Please note we have not inspected this property.

Summary

  • Property Type: Land & Development
  • Tenure: Freehold
  • Parking: Allocated

Location

The subject property is very prominently located on the corner of Beach Road and Fowler Street, South Shields, which lies approximately 8 miles north of Sunderland and 12 miles east of Gateshead. South Shields also lies within close proximity to the Tyne Tunnel with convenient links to the A19 and A185. The area benefits from a reasonable level of services and facilities together with good levels of footfall and passing trade.

Accommodation

Accommodation comprises 3x residential flats.
1x one bedroom
1x two bedrooms
1x three bedrooms

Lease Details

Two out of three flats are currently tenanted at the following rents:
69a: let for £400pcm
69b: let for £395pcm
69c: currently vacant (previous tenant paying £600pcm)
Total current income is £9,540 per annum. For full lease details, please refer to the legal pack.

Tenure

Freehold. Title number TY51193.

Council Tax

All flats are of council tax band A.

EPC

All available upon request (ratings C, D and D).

Additional Information

For further information please contact our office direct on 0191 737 1154, or alternatively via e-mail on commercial@pattinson.co.uk. With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.

EPC for land & development in NE33

This property is being sold subject to unconditional reservation fee auction terms and conditions.

Timescales

Contracts will exchange immediately. There are 28 days in which to complete the purchase. Legal Pack A legal pack is available to download. Special conditions may apply. We strongly recommend buyers familiarise themselves with the legal pack prior to bidding.

Deposit In order to secure the purchase a buyer will pay a deposit of 5% which contributes towards the overall purchase price of the property. The deposit is non-refundable.  Buyer Fees This property is sold subject to a non-refundable reservation fee of 5% + VAT to a minimum of £5,000 + VAT (£6,000 inc VAT) This does not form part of the purchase price. A reservation fee is payable by the buyer where a seller has opted to sell with no fees.

As a result, a lower reserve price is usually agreed on lots where a reservation fee is applicable. More Information For more information call our auction experts on 0191 206 9335 or email auction@pattinson.co.uk

ONLINE AUCTION NOTICE

I hereby acknowledge and confirm the following: 

My bid, once submitted, cannot be withdrawn by me at any time before 1 hour after the close of the auction. My bid may be accepted by the seller at any time before the close of the auction.  It is subject to the terms and conditions of the auction which I have read and understood. I have read and understood the legal pack applicable to my bid/lot and agree to be bound by any special conditions within that pack. If my bid is successful (whether as the highest bid or upon acceptance by the seller in the course of the auction) I shall be bound by the lot terms and conditions as advertised online. 

At the point of registration you will be required to insert credit or debit card details as a way of payment towards the deposit and or reservation fee. We will only hold a nominal amount (which will be stated at the point of bidding) to enable you to bid. This amount will only be debited from your account should you be the successful bidder, in the event you are unsuccessful the agreed amount will be released back to your card within five business days.  If you are the successful bidder we will debit the agreed amount from your account immediately at the close of the auction, we will then contact you to confirm the balance outstanding balance (if applicable) at which point you can opt to use the same card.  

Please note that the bidding process will work in a different way to an eBay auction, so there is NO advantage to bidding at the last second.

Each auction will automatically stay open until there has not been a bid for 15 minutes. After 15 minutes without a bid, the auction will close and the highest bidder will be successful subject to the reserve price being met. If there is another bid within 15 minutes of the last bid, the auction countdown timer will be restarted for another 15 minutes to allow further bidding. This system avoids last minute (or second) bidding, and makes for a fairer auction as in a live room auction situation.

Please bid in good time before the end of the auction, delaying your bid to the last seconds may disadvantage you if your connection slows or you lose internet connectivity. It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. The auctioneer accepts no responsibility for bids that are not received or are received late, and reserves the right to reject any bid without notice.

Minimum online bidding increments:

Up to £50,000 - £250 minimum bid
£50,001 to £150,000 - £500 minimum bid
£150,001 to £250,000 - £1,000 minimum bid
£250,001 to £1 million - £2,000 minimum bid
£1 million+ -  £2,500 minimum bid

Please note this bidding process applies specifically to online auctions.

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