Cumbria House, Corporation Road, Workington, 27 bedroom, Commercial Property

For Sale By Online Auction. Starting Bid £1,250,000. Terms and Conditions Apply.

A unique opportunity to acquire a fabulous development of 18 apartments in a prime, town centre location.

The current owners have advised us that a gross annual yield of approximately 7.% is achievable, based on the current rental figures. At the time of writing, all of the apartments are rented out, each with Assured Shorthold Tenancy agreements. The high quality of this development ensures that occupancy levels remain high and monthly rental income for each unit exceeds that of nearby, rental properties.

Cumbria House stands opposite Workington Town Hall on the site of a former ballroom, which was demolished to make way for this development. Completed in 2012, the complex comprises the following:

Two 2 bedroom penthouses with two bathrooms and private balconies to the front and rear
Four 2 bedroom apartments with balconies
Five 2 bedroom apartments
Two 2 bedroom duplex apartments
Two 1 bedroom duplex apartments
One 1 bedroom apartment

Free, off-road parking is available immediately behind the complex, whilst residents can also benefit from resident parking permits, within the local disc zone. There is a bus stop in front of the apartment block.

Access to the majority of the properties is by secure, main and rear entrances. A modern lift and clean, bright stairs lead to the upper floors. Five of the apartments have individual, front door access - direct from the street. The complex is fully compliant with all current safety regulations, including fire safety.

Each property is fully furnished, including fridge-freezer and washing machine, and has connections for a telephone and Sky TV. Central heating of individual apartments is powered by electric boilers feeding a standard wet system and radiators. A separate electric boiler within each unit provides hot water.

There is no mains gas to the complex, reducing the need for maintenance and gas safety certification. Individual meters for electricity and water help to keep administration costs low.

All properties are very spacious and have benefited from regular, programmed maintenance and redecoration. The indicative photographs within this listing are of one of the two bedroom units.

In summary, a fantastic opportunity to buy a high quality and fully established, freehold complex with 18, individual apartments. Just seven years old and fully compliant with all safety regulations, the property has been impeccably maintained and serviced. With outstanding occupancy levels and gross yields in excess of 7%, this is great opportunity for anyone seeking a modern, proven, residential lettings business.

Auctioneers Additional Comments
Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.

Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between both the marketing agent and The Auctioneer in order that all matters can be dealt with effectively.

This auction lot is being sold either under conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent.

The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via The Auctioneers or the Marketing Agents website.

Auctioneers Additional Comments
Your details may be shared with additional service providers via the marketing agent and/or The Auctioneer.

A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers' obligations and sellers' commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification of identity process in accordance with Anti Money Laundering procedures.

Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit of 5% of the purchase price of the property. The deposit will be a contribution to the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum of £6,000 including VAT) is also required to be paid upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs.

Both the Marketing Agent and The Auctioneer may believe necessary or beneficial to the customer to pass your details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.