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Sold subject to contractInvestment

Guide price

£100,000

5 bed terraced house for sale Gilpin Terrace, Armley, Leeds LS12

5 beds
2 baths

Property location

  • Castleton Primary School0.2 miles
  • St Bartholomew's CofE Voluntary Controlled Primary School0.4 miles
  • Leeds1.3 miles
  • Burley Park1.5 miles

Features and description

  • For Sale by Auction – T & c’s apply
  • Subject to an undisclosed Reserve Price
  • Buyer’s fees apply
  • The Modern Method of Auction
  • Variety of uses subject to the necessary consents
  • 4 bedsit rooms and a self contained studio
  • Current rent £16,477
  • Approx 15% gross yield!
  • *cash purchase only*
  • Investment opportunity
The modern method of auction This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold Limited. 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 before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack. The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack, where it has been provided by iamsold. The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

Referral Arrangements
The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted. Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.

Summary A large Victorian terraced property that has been rented room-by-room for at least the last 20 years. There are 4 bedsit style rooms in the main house and a self contained studio flat to the rear of the property that are currently let generating an impressive income of £16,477pa. The property is in need of modernisation. The local council have indicated that some changes to the layout of the property should be made if there is to be continued use as a HMO.

Each room has a portable electric heater, individual electric hot water heaters, and lockable doors.
Briefly comprising


Hallway Providing access to room 1 and stairs to 2nd floor

room 1 12' 4" x 11' 10 (into recess)" (3.76m x 3.61m) Double glazed window, ceiling lighting, kitchenette area with sink, work surfaces and units

1st floor landing Providing access to bedroom 2, bedroom 3 (spare room) and shower room

ensuite shower room Wash hand basin, low lying w/c, shower cubical with electric shower unit, fully tiled walls, double glazed obscured window and ceiling lighting

room 2 12' 5" x 15' 6" (3.80m x 4.73m) Double glazed window, vinyl flooring, ceiling lighting, sink area with work surfaces and units

store 9' 7" x 10' 1" (2.94m x 3.08m) Double glazed window, vinyl flooring, TV point, kitchenette area, work surfaces and units

room 3 12' 4" x 15' 4" (3.77m x 4.69m) Double glazed window, vinyl flooring, kitchenette area with work surfaces, sink and units, ceiling lighting

room 4 13' 5" x 15' 4" (4.09m x 4.69m) Double glazed window, ceiling lighting, kitchenette area with sink, work surfaces and units.

Rear yard Providing access only to self contained studio at the rear of the property with fencing and storage shed.

Self contained studio flat 12' 8" x 15' 6" (3.87m x 4.73m) Currently accessed via a private entrance to the rear of the property. Double glazed window, vinyl flooring, ceiling lighting, kitchenette area featuring a range of wall and base units, work surfaces and sink. Shower room incorporating wash basin, low lying w/c, shower cubical with electric shower unit, fully tiled walls, double glazed obscured window and ceiling lighting

other information Total current rent: £16,477pa

We understand that most of the tenants are in receipt of housing benefit/universal credit.

The current owner has had the property for nearly 20 years and although we believe C4 planning permission is not in place, there is historic HMO use that can be evidenced.

We have been advised that due to the changes that have been adopted by Leeds City Council regarding communal space standards, that the council have recently advised that a communal kitchen and communal lounge must be installed to the ground floor of the property. This means that the studio flat must be re incorporated into the house.

EPC energy rating is currently G although we have been advised by a Domestic Energy Assessor that this could be made to be an E or better by installing a fixed heating system.

We have been advised that the you could not go straight to a mortgage on this property and therefore the successful purchaser would need to buy with cash, or bridging finance. A mortgage could be raised later once the necessary compliance works have been carried out.

1 floor plan available

View the floor plan to understand the space and layout of this property.

More information

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5/6 St Chads Parade, Otley Road, Leeds, LS16 5JH
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