This property is for sale by the Modern Method of Auction which is not to be confused with Traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, but grant 28 days to achieve exchange of contracts from the date the buyer’s solicitors is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non refundable Reservation Fee of 3.5% subject to a minimum of £6,000 inc VAT which secures the transaction and takes the property off the market. The buyer will be required to sign an Acknowledgment of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Legal Pack which can be downloaded for free from the auction section of our website or requested from our Auction Department. Date of Auction 30/11/17.
Converted in 2006 to provide seven self contained one and two bedroom apartments with adjacent parking front and rear, the apartments sit in the centre of Wollaston village which offers a host of excellent amenities covering most day to day needs. Nearby commercial centres in and around the Black Country and North Worcestershire are easily accessed.
The apartments have been managed by Lex Allan Ltd since 2008 and have achieved almost full occupancy over this period. The apartments are regularly inspected and maintenance matters dealt with promptly resulting in the individual flats being well presented and there are no obvious capital repairs outstanding to the interior or exterior.
The property currently has full occupancy and offers a total income of £41,460 per annum providing a gross yield in excess of 6%.
Interested parties should contact Lex Allan in the first instance for additional information or to arrange viewings but should also contact West Midland Property Auctions (IamSold) on 0121 366 0539 to view auction packs and be registered to bid.
Apartment 1 1 bed £460 pcm Tenanted since July 2015. Apartment 2 1 bed £460 pcm Tenanted since Dec 2015. Apartment 3 1 bed £475 pcm Tenanted since Aug 2017. Apartment 4 2 bed £550 pcm Tenanted since Sept 2016. Apartment 5 2 bed £500 pcm Tenanted since June 2015. Apartment 6 2 bed £500 pcm Tenanted since July 2014. Apartment 7 1 bed £475 pcm Tenanted since April 2017.