Block of flats for sale in Marlborough Street, Faringdon SN7

Summary
auction sale 12 September 2024 - > Freehold to include 4 self contained flats > 1 x 1 bedroom flat & 3 x studio flats > Current rent £24,720 pa increasing to £25,320 pa in March 2025

description
*** to be sold by public auction on 12th September 2024 at the grand connaught rooms, 61 - 65 great queen street, london, WC2B 5DA (Online bidding available) ***

Tenure
Freehold (ground floor flat sold off on long lease – see lease details)

Lease Details
The ground floor flat has been sold off on a lease dated 6th February 1987 for a term of 999 years from 6th February 1987 with a ground rent of £30 pa.

Location
The property can be found in the heart of this quaint and historic market town, making it ideally placed for town centre amenities and local attractions together with travel network connections, with the nearby A420 providing a direct route to Swindon and Oxford.

Description
This older style three storey freehold property is arranged as five self contained apartments with the freehold including 1 x 1 bedroom and 3 x studio apartments. The fifth apartment (ground floor) has been sold off on a long lease with a ground rent of £30 pa (see lease details). The property is offered in reasonable condition and fully let, making it an ideal investment purchase with various rental
options. We feel there is also the possibility to increase the rental income more in line with current market rents.

Accommodation
Ground Floor Side: Communal Entrance Door to Communal Entrance Hallway with Stairs to First Floor & Basement. First Floor: Landing with Stair to Second Floor. Flat 1 - Entrance Hallway, Living Room, Kitchen, Bedroom, Bathroom with Shower & WC. Flat 2 – Entrance Hallway, Kitchen, Bathroom/WC, Studio Room.
Second Floor: Landing. Flat 3 - Entrance Hallway, Kitchen, Shower Room/WC, Studio Room. Flat 4 – Entrance Hallway, Kitchen, Bathroom/WC, Studio Room.
Basement: Store Room.

Tenancy Details
The flats are currently let on AST agreements at the following rents: Flat 1 - £625 pcm, Flat 2 - £495 pcm, (a rent increase to £545 pcm has been agreed from 3rd March 2025), Flat 3 - £495 pcm & Flat 4 - £395 pcm (a rent increase to £445 pcm has been agreed from 17th September 2024). Copies of the tenancy agreements and rent increases will be included in the legal pack and buyers are advised to satisfy all enquiries regarding the status of the tenancies prior to bidding.

EPC

Flats 1 – D (38 sq m), Flat 2 – E (47 sq m), Flat 3 – D (28 sq m). Flat 4 – D (32 sq m)

Council Tax Band
Flats 1 & 2 & 4 – B. Flat 3 - A

Important Notice:
For each Lot, a contract documentation fee of £1,500 (inclusive of VAT) is payable to Fox & Sons/Barnard Marcus Auctions by the buyer. The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of Sale. Buyers are deemed to bid in full knowledge of this.

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.

Whilst Fox & Sons make every effort to ensure the safety and security of viewers at properties, we have not carried out a detailed Health & Safety inspection of properties in our auctions and cannot therefore guarantee the safety and security of viewers. Prospective purchasers and bidders attend properties entirely at their own risk. Particular care should be taken when accessing cellars, attics, exterior grounds and outbuildings and boundaries. All non-conducted inspections of vacant sites should be made in daylight hours only and entry into such sites is entirely at the viewers risk.

1. Money laundering regulations: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Photographs and Measurements: Some images may have been taken by a wide angled lens camera. These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. These particulars are issued in good faith but do not constitute representations of fact or form part of any offer or contract. The matters referred to in these particulars should be independently verified by prospective buyers or tenants. Neither sequence (UK) limited nor any of its employees or agents has any authority to make or give any representation or warranty whatever in relation to this property.