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£350,000 Guide Price
Bedrooms
Bathrooms
FREEHOLD investment opportunity, this substantial four storey corner building that stands prominently on the corner of Ramshill Road and Albion Crescent. The property comprises of an extensive ground floor retail unit that is subject to a Landlord & Tenant Act lease with a passing rent of, 12,000 per annum. The upper floor offer four self contained flats (accessed from Albion Crescent). We understand that when all the flats are let they can generate gross income of circa 20,000 per annum. The top floor flat is currently being let as a Holiday Let and this does bring in additional income.
Description - The property comprises of an impressive corner located four storey plus basement property.
The ground floor frontage is highly attractive and benefits from delicate timber framed display windows incorporating sections of curved glazing around the central recessed entrance door. The lower ground floor accommodation benefits from a full head height and is similarly fitted throughout.
The upper three floors provide three self-contained flats plus a bed-sit. The flats are accessed from an impressive entrance on Albion Crescent with communal stairs leading to the first floor accommodation with Flats 1 and la being located at this level whilst Flat 2 is located at second floor level and flat 3 at attic floor level.
Location - From Scarborough Railway Station, turn right onto Valley Bridge Road then onto Valley Bridge Parade which leads to Ramshill with the property in a prominent position on the corner of Ramshill Road and Albion Crescent. Ramshill Road forms part of the main arterial route into the town from the South with Sainsbury Local and Pizza Hut complimented by numerous local traders.
Accommodation - Lower Ground Floor - 123.33 sq.m (1 ,329 sq.ft)
Ground Floor- 110.52 sq.m (1 sq.ft)
Flat 1 - Lounge - 6.40m x 4.32m - bay window, blocked up fireplace, radiator. Bedroom 1 - 13.44m x 6.01m - radiator and timber framed window. Bathroom - three piece suite. Bedroom 2 - 3.39m x 4.01m - radiator with timber framed window. Kitchen - 4.18m x 1.49m - stainless steel basin and drainer, wall and floor units plus worktop with Vokera combi boiler. Laundry Room - 3.42m x 1.37m
Flat 1A - Shower Room w.c, low level cistern, shower cubicle and wash hand basin. Lounge/Kitchen - 2.71m x 4.10m - wall and floor units, timber framed window, stainless steel basin and drainer, external access to rear terrace. Bedroom 1 - 3.45m x 2.55m - timber framed sash window.
Flat 2 - Entrance Hall radiator. Bedroom 1 - 3.45m x 5.23m - radiator, sash window, chimney breast. Lounge 4.33m x 6.34m - two radiators, blocked up fire with timber surround, chimney breast. Bedroom 2 - 3.52m 5.23m two timber sash windows, radiator. Kitchen - 4.18m x 4.10m - various wall and floor units, Vokera combi boiler, stainless steel basin and drainer, radiator, sash window, disused fireplace with marble
Services - Mains electricity, gas and water supplies, drains. Prospective purchasers are advised to make their own enquires with regards to services connected.
Council Tax Bands - Albion House - All flats are a Band A
Ramshill Road
Epc -
Viewings - Strictly via Colin Ellis Property Services please call to arrange.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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