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Lot 7
8

Springmead, Ladysmith Avenue, Brightlingsea, Colchester, Essex, CO7 0JD

Guide price £400,000 plus*
Former Licensed 7 room HMO + 1 bed flat... high yielding potential

Property Details

Description

This substantial dwelling is situated in a sought-after residential location in the coastal town of Brightlingsea, which lies between Colchester and Clacton-on-Sea, at the mouth of the River Colne. From 2010 to 2020, the property enjoyed a compliant HMO licence, with seven letting rooms, each with kitchenettes and shared bathroom facilities, and a self-contained one-bedroom flat on the second floor. Recently the property has been stripped out and redecorated, ready for new kitchenette and bathroom installations. If reinstated as an HMO this Lot offers a potential yield of circa. £55,000 – £60,000 pa. Alternatively, we consider the property to offer a range of redevelopment opportunities.

Key Features

  • 7 LETTING ROOMS
  • PLUS 1 BED FLAT
  • UPVC D/G
  • POT. YIELD £55-£60K
  • SOUGHT AFTER AREA
  • FUTHER INVESTMENT REQUIRED
Tenure

Freehold

EPC

TBC

Viewing

By appointment with the auctioneers

Solicitors

Mrs Laura Gale
Holmes & Hills
12 Commercial Hub
86 London Road
Colchester
Essex
CO6 1ED

Location

Springmead, Ladysmith Avenue, Brightlingsea, Colchester, Essex, CO7 0JD

*Guide prices are provided as an indication of a vendor’s minimum expectation and the level at which the reserve is set. Properties may not always sell within this guide and this figure may change at any time prior to the auction. The sale price will be dependent upon bidding in the auction room and on the Vendors’ instructions.

Reserve Price Each property will be sold subject to a reserve price, which will be set within, or below, the guide price range or no more than 10% above a single figure guide. This is a confidential figure set between the Vendor and the Auctioneer and is a figure below which the Auctioneer cannot sell the property.

Additional Fees All buyers are liable to pay an Administration Charge of £1,200 inclusive of VAT. Other fees disbursements may also apply, therefore before making a purchase, please refer to the Legal Pack and Special Conditions.