Flats 1-8, 3 The Carronades, New Road, Southampton, Hampshire SO14 0AA

> Substantial Residential Investment Opportunity
> 8 Self Contained One Bed Flats & Car Parking
> Prime Location Opposite Solent University

Guide Price: £875,000 Plus

Description:

Location

3 The Caronnades occupies a prime central location within the city of Southampton, just a hundred yards away from the main entrance to the Solent University Campus. The building is also within immediate walking distance of Southampton City Centre with its superb shopping, leisure and public transport facilities.

Description

This building has just finished a complete refurbishment and development programme to create 8 x 1 bedroom apartments, all of which have been let on 12 month AST agreements. The apartments all enjoy modern fitted kitchens, shower rooms, double glazing and electric heating. In addition, the block offers 6 car parking spaces in the secure parking area below and to the rear of the building.

Accommodation

GROUND FLOOR: Flat 1 (Rear 38 sq m) - Entrance Hallway, Bedroom, Shower Room, Lounge/Kitchen. Flat 2 (Front 34 sq m) - Entrance Hallway, Bedroom, Shower Room, Lounge/Kitchen. FIRST FLOOR: Flat 3 (Rear 34 sq m) - Entrance Hallway, Bedroom, Shower Room, Lounge/Kitchen. Flat 4 (Front 40 sq m) - Entrance Hallway, Bedroom, Shower Room, Lounge/Kitchen. SECOND FLOOR: Flat 5 (Rear 34 sq m) - Entrance Hallway, Bedroom, Shower Room, Lounge/Kitchen. Flat 6 (Front 40 sq m) - Entrance Hallway, Bedroom, Shower Room, Lounge/Kitchen. THIRD FLOOR: Flat 7 (Rear 27 sq m) - Lobby Area, Lounge/Kitchen, Shower Room, Bedroom. Flat 8 (Front 29 sq m) - Entrance Hallway, Bedroom, Shower Room, Lounge/Kitchen. OUTSIDE: The property has designated car parking for up to 6 cars below the building in the gated car parking area, accessed from the driveway and remote access on the left hand side when facing the building.

Tenancy Details

All apartments are self contained and pay their own utility bills and council tax. They have all been recently let on 12 month AST agreements to include 4 of the parking spaces, leaving 2 vacant for further letting. The building currently generates £58,500 PA. Copies of the tenancy agreements will be included in the legal pack and prospective buyers are advised to satisfy any enquiries regarding the status of the tenancies prior to bidding.

Agents Note

Based on the current rents payable we believe the building may well be under let and we would expect a market rent to generate close to £67,000 - £69,000 PA. Buyers are advised to fully investigate all letting income potential along with checking the legal pack prior to bidding.

Tenure

Freehold

EPC Rating

Flats 1, 2, 7 & 8 - D, Flats 3, 4, 5 & 6 - C

Important Notice

The Guide Price quoted must not be relied upon by prospective purchasers as a valuation or assessment of value of the property. It is intended to provide purchasers with an indication of the region at which the reserve may be set at the time of going to press. The guide price may be subject to variation and interested parties are advised to make regular checks for variations and should be aware that the reserve price may be either below or above the quoted guide price. Prospective purchasers should also be aware that the eventual sale price may be above or below the guide level dependent upon competition, and should therefore not presume the guide to be indicative of the final expected sale price or the price the property is available at. When setting the guide price, the auctioneers have given consideration to the seller’s instructions in respect of their indicated reserve price at the time of instruction. The reserve price, (the level below which the property will not be sold), remains confidential between the seller and the auctioneer. The guide price therefore, is intended to indicate the region at which the reserve price is intended to be set. The seller will confirm their final reserve price close to the auction date and if appropriate the auctioneers may adjust the guide price to reflect this.