Auction House London

Lot 38

Apartment - Flats / Apartments 

Flats 1 & 2, 23 Malvern Road

Maida Vale, London, NW6 5PS

Sold for £825,000

A Residential Investment Comprising Two Self-Contained Three Bedroom Flats over the First and Second Floors. When Fully Let on Nightly Rents the Total Combined Income is £65,700 Per Annum. A Third Flat on the Third Floor is Sold Off with a Ground Rent of £50 Per Annum.

To Be Offered Individually or Collectively With Lots 38-42

Description

The property comprises two self-contained three bedroom flats over the first and second floors with a total combined GIA of approximately 1,222 sq ft.

Tenure

Leasehold. Flat 1 is held on a 125 year lease less three days from 1st May 1988 (thus approximately 92 years unexpired). Flat 2 is held on a 125 year lease from 1st May 1988 (thus approximately 92 years unexpired).

Location

The property is situated on Malvern Road close to local shops and amenities. The open space of Paddington Recreation Ground is within easy reach. Transport links are provided by Maida Vale underground station (Bakerloo line) and Queen's Park rail station.

Tenancy

The two self-contained flats are currently let on a nightly basis with an income of £65,700 per annum (assuming full occupancy each night). There is an option to let the building on a single RPI lease to a housing association for a term of 10 years commencing September 2021at a rent of £51,202 per annum. The rent would increase each year in line with the RPI and there is no break clause.

Accomodation Schedule

Property Floor Accommodation
Flat 1 First Three Bedrooms, Communal Kitchen and Bathroom
Flat 2 Second Three Bedrooms, Communal Kitchen and Bathroom
Flat 3 Third Sold off on a lease from 5th February 997 expiring on 5th January 2113 at a rent of £50pa rising to £250pa

Additional Fees and Disclaimer

Administration charge: £1,200 including VAT unless otherwise stated in the addendum.

Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.

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For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on 020 7625 9007 or email us at info@auctionhouselondon.co.uk

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Enquire about Flats 1 & 2, 23 Malvern Road, Maida Vale, London, NW6 5PS

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