This substantial three-storey property is located in the popular and busy Holderness Road area and offers developers and investors an opportunity to redevelop the existing residential dwelling into a mixed-use property or five studio apartments. The current planning consent for this expires on 13 May 2024. The existing property is partly double glazed and benefits from gas central heating. There are also two large buildings to the rear which have been used for storage/workshops. It is estimated that five studio apartments could generate an annual income in excess of £18,000.
Location
Situated on Holderness Road, in close proximity to local amenities including supermarket, pubs, bank and ATM, takeways, bingo hall and bus stops on a major bus route to the city centre.
Accommodation
Ground Floor
Entrance Porch
Entrance Hall
With staircase leading of moulded cornices and double panel radiator.
Living Room
With Laminate flooring, bay window, electric fire in a traditional fireplace, moulded cornices to the ceiling.
Dining Room/Bedroom
With radiator.
Kitchen
With base units, stainless steel sink and gas cooker point.
Rear Hall/Utility
With large storage cupboard housing the hot water cylinder.
Wetroom
With walk in shower, low level WC and wash hand basin.
First Floor
Landing
With staircase to the second floor and two single radiators.
Living Room/Bedroom
With gas fire, two double radiators and bay window.
Bedroom
With double radiator
Bathroom
With corner bath, shower and vanity was hand basin. Two single radiators.
Separate WC
With low-level WC.
Kitchen/Bedroom
It is fitted with a range of units, a stainless steel sink, a gas cooker point, and a wall-mounted gas central heating boiler. Fire escape window.
Second Floor
Landing
Bedroom
With double radiator.
Bedroom
With double radiator.
Outside
To the rear of the property are two large outbuildings and an enclosed yard.
Planning Consent
Planning consent on the property was approved in May 2021 for 1. Change of use of six bedroom dwelling into five studio apartments and 2. Erection of two single storey rear extensions following demolition of existing outbuildings and external staircase. This permission is set to expire on 13th May 2024 (prior to the auction). Full details of the proposed alteration can be found on the Hull City council public access website using the reference number 21/00049/FULL.
Council Tax
Council Tax is payable to Hull City Council. The property is currently listed as being in council tax band A
Solicitor
Murray Hills Solicitors, 368 Holderness Road, Hull, East Yorkshire, HU9 3DL
01482 309222 ann.fletcher@murrayhillssolicitors.co.uk
Viewing
Strictly by appointment with the auctioneers on 0845 400 9900
EPC rating: D(62)
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12.00 pm on Monday 20th May 2024 and closing on Wednesday 22nd May at 1.00pm. To register to bid and further legal information relating to this lot please go to auctionhouse.co.uk/hullandeastyorkshire.
Conditions of Sale
The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer’s offices, with the solicitors and online at auctionhouse.co.uk/hullandeastyorkshire, before the date of the auction.
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) subject to a minimum of 0.3% of the sale price including VAT and a buyer’s premium of £600 (£500 plus VAT) in addition to the purchase price of the property.
Guide Price
Guides are provided as an indication of each sellers minimum expectation. They are not necessarily figures which a property will sell for and may change at any time before 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.
Disbursements
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Online bidding
If you want to bid on this property, copy and paste the link below into your URL bar or into a Google search and it will take you to a video that explains the process: youtube.com/watch?v=ImXr4HXR36c
To register to bid please visit : auctionhouse.co.uk/hullandeastyorkshire
Tenure : Freehold
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 0 | ||
| £250k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 3 | ||
| £250k to £925k | 8 | ||
| £925k to £1.5m | 13 | ||
| rest over £1.5m | 15 |
| Tax Band | % | Taxable Sum | Tax |
| less than £425k | 0(5)** | ||
| £425k to £625k | 5 | ||
| £625k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
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