18 Caroline Place, Stonehouse, Plymouth PL1 3PS

Guide Price - £300,000 + 

A FREEHOLD INVESTMENT CONSISTING OF 5 FLATS.

Property Description

Arranged as five flats and currently fully let is this imposing Grade II listed property located in Caroline Place, Stonehouse.

The property has been fully let for a period of time and whilst offers an initial income, the house is at a stage when renovation would be required. The property is on a substantial plot with a decent sized rear garden backing onto Slate Lane, some properties in the road have created an additional dwelling to the rear subject to planning permission and whilst the house applied for this some years ago, we would recommend taking advice from the local authority. Flat five is located in the lower floor of the building and comprises of lounge, kitchen, shower room and bedroom. This flat has electric heating and the tenant has resided in the property since 22nd April 2016 at a rent of 408 per calendar month. The tenancy was an initial fixed term assured short-hold tenancy that is currently statutory periodic, monthly rolling. Flat four is also in the lower section of the building and is of good proportions and includes a spacious lounge, kitchen, bedroom and shower room. The property has a long term tenant from the 27th November 2009 and the current rent is 418pcm. The contract is an assured short-hold tenancy that is currently statutory periodic, monthly rolling. Flat three is a ground floor flat and comprises of spacious lounge, kitchen, bedroom and small en-suite shower room. This property has wooden shutters to the front and electric heating. The property is let on an assured short-hold tenancy for 425pcm from the 27th February 2020 and is still within an initial fixed term of six months, the contract confirms the tenancy will revert to a statutory periodic tenancy after the initial fixed term. Flat two is on the first floor and comprises of lounge, kitchen, bedroom and bathroom. It has views over the Ferry Port towards Plymouth Sound. The property is let on an assured short-hold tenancy from the 10th March 2015 at 424pcm, the contract has reverted to a statutory periodic tenancy/monthly rolling. Flat one is located in the top floor/loft space of the building and comprises of lounge, kitchen, bedroom and shower room. The property is let on an assured short-hold tenancy from the 22nd April 2016 for 408pcm, the contract has reverted to a statutory periodic tenancy/monthly rolling.

The property is currently achieving approximately £25,000 per annum and fully let, whilst the building can create an instant income, it also has the potential to increase the income with improvement or construction to the rear.

Further information - The property was constructed circa 1835 with the terrace being named after the daughter of the Earl of Edgcumbe "Caroline". More facts and details can be found on the English Heritage website and with this in mind the property is Grade II listed. In 2004 the house was granted established use as 5 flats and has undergone general maintenance throughout the ownership, but would require updating throughout. At Halford and Homes we feel this house offers huge potential to any prospective purchase, being located on the doorstep of both Millbay Marina and Stonehouse Western Peninsula, including Royal William Yard. As the property is fully let, no floorplan or measurements are currently available, however viewings can be arrange via appointment with the vendors key holder.

Energy Performance Rating

See Legal Pack

Auctioneers Note

The deposit for exchange of contracts on this property is 5% subject to a minimum of £5,000.

The completion period for this property is 8 weeks (56 days)

Starting Bid and Reserve Price

*The Reserve Price is the minimum price at which the auctioneer is authorised to sell the lot at auction which is generally no more than 10% in excess of the guide price. The lot may be sold to the highest bidder at or above the Reserve Price but the auctioneer is not authorised to accept a bid below the Reserve Price. Reserve prices are subject to change up to the date of the auction. Please note that Lots may be withdrawn prior to the end of auction

Disclaimer

These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firm’s employment has the authority to make or give any representation or warranty in respect of the property.