GREAT INVESTMENT OPPORTUNITY -
For Sale by Modern Method of Auction, with a Starting Price of £220,000 plus Reservation Fee.
Miles & Barr are delighted to market this mixed use ex-industrial property within a short walk of Folkestone mainline train station. It comprises a number of revenue streams including two flats, a commercial workshop and two lock-up garages.
The current owner has carried out substantial renovations on the property since purchasing, in order to maximise the income from it. We estimate a total revenue upon completion of the works carried out to be in the region of £23,000 thus achieving a gross rental yield of 7.00% and 10.0%.
The development comprises a ground-floor workshop with two separate spaces to operate from, with two brand new flats above with exposed features and space-saving contraptions. The two double-garages will invite further income.
For sale by the modern method of auction, buyers fees apply – Starting bid of £220,000
This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance. The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded. This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence.