Lot 12 Marvel House, 5-7 Marvel Lane, Plymouth, PL4 9BQ

Bidding Closed

SOLD FOR

£220,000

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 7732 681 156

Viewing/ Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Harriet Swainson

harriet.swainson@gunnercooke.com
07813700805
Description
Map
Viewings

Addendum
The rental guarantee ranges from 7%-9% depending on the individual lease & is not a fixed 8% as stated. Prospective purchasers are referred to the individual leases within the legal pack. Completion will be 15 business days from the date of contract. The rental guarantee for each of Flat 14 and 21 is £6,251 each (as opposed to £5,320 as incorrectly stated in the guarantee schedule)
Property Summary
  • On the instructions of the Administrators
  • Freehold studio accommodation ground rent investment
  • 35 of the 39 studio flats sold off on long leases
  • Includes four unsold studio flats let on ASTs
  • Close to City Centre and University
  • Producing £36,100 per annum
Tenure

Freehold

Location

Plymouth is a major commercial centre, port  and university city lying on the South Devon coast on the east bank of the River Tamar about 30 miles west of Torquay. It is accessed via the A38, which provides direct access to Cornwall to the west and Exeter and the M5 motorway about 43 miles to the north east. The City is home to the University of Plymouth with over 23,000 students. It is also home to the Peninsula College of Medicine and Dentistry, the University of St Mark and St John (Marjon) and City College Plymouth, all of which are within a few minutes' walk.

Marvel Lane lies within the St Jude's area of Plymouth to the east of the City Centre. The property lies on the north side of Marvel Lane in a predominantly residential area.

Description

A modern student accommodation development completed in 2019. The property is arranged as two blocks providing a total of 39 studio apartments (35 sold off on long leases) arranged over lower ground, ground and two upper floors. Each studio contains a modern fitted kitchen and modern en suite shower room. Externally there is a communal garden with secure cycle storage.

Tenancy

The freeholder is required to guarantee rent at 8% per annum for three years. The leaseholders have entered in to an underlease with a Management Company (Beaumont Square Management Company Limited), which collects the net rent from the block managers with the date of the last guarantee payment being 15/11/2023 thereafter leaving the freeholder with the benefit of the ground rent income and income from any unsold apartments. The sale will include the shares in the Management Company.

VAT
VAT Not Applicable.
Property Table
UnitAccommodationTenancyRent
TOTAL  £36,100
1-39 (excl 10, 12, 23 & 24)Student studio apartments250 year leases at a ground rent of £300pa per unit (refer to legal pack for a full tenancy schedule) (1)£10,500
10Studio 20.80 sq m (224 sq ft)AST£6,450
12Studio 16.46 sq m (177 sq ft)AST£6,250
23Studio (29.15 sq m (314 sq ft)AST£6,400
24Studio (29.75 sq m (320 sq ft)AST£6,500

(1) The relevant Section 5b Housing Act Notices have been served & no options have been exercised

EPC

Rating 79 Band C


*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,250 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,750 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. All lots sold “Subject to Vendor Confirmation” will be subject to the acceptance and confirmation by the Vendor. The highest bid will be presented to Vendor, the vendor will have to either accept, decline or make a counter offer the highest bid within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising the offer the Vendor is willing to accept. The Highest Bidder will have to either accept or reject the Vendor’s counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
  8. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.


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