Magnolia Drive, Colchester, CO4

£305,000

Guide price

  • Bedrooms: 5
SUMMARY

Connells are delighted to offer for sale this FIVE BEDROOM Semi-Detached house, with 5 student tenants in situ as an ongoing concern, providing a gross income of £24,079.

DESCRIPTION

Connells are delighted to present this FIVE BEDROOM Semi-Detached house, with 5 student tenants in situ as an ongoing concern, providing a gross income of £24,079.

Property has been refurbished to a high fire safety level with emergency call points, emergency lighting and interlinked smoke alarms.

The property has the potential, subject to planning, to build an extension above the side room as well as a loft conversion to create further bedrooms for more student lettings and hence increased income. At this years rate, of £100pppw, that can equate to increased income of £10,400 on a standard 12 month contract.

This property benefits from having 5 fully occupied and usable bedrooms, a ground floor and first floor shower room, kitchen and separate living room, off road parking, enclosed rear garden, double glazed and gas central heating.

The property is positioned 0.9 miles away from the University of Essex and is ideal for students.

In the valuers opinion the property needs to be viewed at your earliest convenience in order to avoid disappointment.

Entrance Hall

Double glazed entrance door to front aspect, stairs to first floor, telephone point, radiator, double glazed door to side aspect providing aspect to rear garden. Two storage cupboards. Doors to;

Kitchen 12' 4" max x 10' 1" ( 3.76m max x 3.07m )

This kitchen comprises of a selection of matching wall and base level units. Stainless steel one and a half bowl sink set into a roll edge work top surface with part tiled surround. There is a electric fan oven, with electric hob in the worktop and an extractor hood over. Space and plumbing for washing machine and tall fridge freezer. Radiator with double glazed window to rear.

Living Room 19' 7" max x 8' 3" ( 5.97m max x 2.51m )

Double glazed French doors to rear aspect, providing access to enclosed rear garden. Under stairs storage cupboard. TV points and radiator.

Bedroom Four 11' 2" x 8' 9" ( 3.40m x 2.67m )

Double glazed window to front aspect, radiator.

Bedroom Five 10' x 7' 1" ( 3.05m x 2.16m )

Double glazed window to rear aspect, radiator.

Shower Room

Shower room comprises of shower cubicle, low level WC, wash hand basin with fully tiled surround, extractor fan, radiator and double glazed window to rear aspect.

First Floor Landing

Stairs from ground floor, loft access, airing cupboard, double glazed window to side aspect.

Bedroom One 13' 6" x 9' 8" extending to 15' 10" ( 4.11m x 2.95m extending to 4.83m )

Two double glazed windows to rear aspect, radiator, fitted wardrobes.

Bedroom Two 10' 2" x 8' 8" ( 3.10m x 2.64m )

Double glazed window to front aspect, radiator.

Bedroom Three 10' 2" x 6' 11" ( 3.10m x 2.11m )

Double glazed window to rear aspect, radiator.

Shower Room

Shower room comprises of shower cubicle with fully tiled surround, low level WC, wash hand basin, shaver point, extractor fan and double glazed window to side aspect.

Outside

To the front of the property there is a dropped curb providing off road parking.

To the rear of the property there is an enclosed rear garden and side access, with patio area and mainly laid to lawn.

Auctioneers Comments

This property is offered through Modern Method of Auction. Should you view, offer or bid your data will be shared with the Auctioneer, iamsold.

This method requires both parties to complete the transaction within 56 days, allowing buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).

The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee of 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. This 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 containing documents about the property. The documents may not tell you everything you need to know, so you must complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are contained within this pack.

The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack.

The Partner Agent and Auctioneer may recommend the services of third parties to you, in which they may be paid for the referral. These services are optional and you will be advised of any payment, in writing, before any services are accepted.

Listing is subject to a start price, and hidden reserve price that can change.

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: These particulars do not constitute part or all of an offer or contract.

3: The measurements indicated are supplied for guidance only and as such must be considered incorrect.

4: Potential buyers are advised to recheck the measurements before committing to any expense.

5: Connells has not tested any apparatus, equipment, fixtures, fittings or services and it is the buyers interests to check the working condition of any appliances.

6: Connells has not sought to verify the legal title of the property and the buyers must obtain verification from their solicitor.

Arrange viewing 01206 621305

Connells - Colchester

65 North Hill, Colchester

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