1 bed flat for sale

Romsey Road, Shirley, Southampton SO16

Summary

Pattinson are pleased to present this excellent first time buyer or buy to let investment opportunity situated within the well regarded Compass Point development on Romsey Road, Southampton.
This is a well proportioned first floor apartment extending to approximately 427 square feet of internal accommodation. The property has been designed to offer practical, low maintenance living space that continues to prove popular with professional tenants seeking convenient access to Southampton General Hospital, the University of Southampton, and Southampton City Centre.
The apartment comprises a spacious open plan living and kitchen area, a well sized double bedroom, and a contemporary bathroom suite. The open plan layout provides flexible living space while allowing natural light to flow throughout the apartment. The fitted kitchen includes a range of modern wall and base units with work surfaces over, integrated cooking appliances, and integrated dishwasher, washer/dryer & fridge freezer appliances. The living area comfortably accommodates both lounge and dining furniture, creating a practical living environment suited to long term tenants. The bedroom is well proportioned and provides ample space for bedroom furniture, while the bathroom features a modern suite comprising bath with shower over, wash hand basin, and WC.
The property further benefits from one allocated parking space and secure communal entrance areas. The apartment is presented in good condition throughout and offers investors a straightforward, income producing asset from completion with a tenant already in occupation.

Investment overview
The property has to this point generated a strong and reliable rental income of 1,150 per calendar month, equating to 13,800 per annum. Annual service charge and ground rent costs are combined and total 1,440 per annum, offering clear and transparent budgeting for investors.

Financial Breakdown
Rental Income: 13,800 per annum
Service Charge and Ground Rent: 1,440 per annum
Net Annual Income: 12,360 per annum

Investment Yield Based on Guide Price

Guide Price: 120,000
Gross Yield: Approximately 11.5 percent
Net Yield: Approximately 10.3 percent
This represents a highly attractive return for investors seeking a ready made rental property within a strong tenant demand area.

Accommodation
Total Internal Area: Approximately 427 square feet.

Entrance Hall
Secure communal entrance leading to private entrance hall providing access to all rooms.

Open Plan Living and Kitchen Area
Spacious open plan reception room incorporating fitted kitchen with modern wall and base units, work surfaces, cooking appliances, and space for further appliances. Ample space for lounge seating and dining area.

Bedroom
Well proportioned double bedroom with space for wardrobes and additional furniture.

Bathroom
Contemporary bathroom suite comprising bath with shower over, wash hand basin, and low level WC.

Tenure

Leasehold
Approximately 996 years remaining on the lease
Service charge 1440 per year
This exceptionally long lease provides outstanding long term security for investors.

Location

Compass Point is situated on Romsey Road within the SO16 district of Southampton, an area known for its excellent connectivity and strong rental demand. Southampton General Hospital is located nearby and represents one of the largest employers in the region, creating consistent demand for rental accommodation. The University of Southampton is also easily accessible, further strengthening the tenant market. Southampton City Centre is within close proximity and offers an extensive range of shopping, leisure, and transport facilities including Southampton Central railway station with direct links to London Waterloo. Major road connections including the M27 and M3 motorway networks are easily accessible.

Auction information
The property is being with a guide price of 115,000. Interested parties are advised to review the auction legal pack and carry out all necessary due diligence prior to bidding.

The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer.

The property is being sold via a transparent online auction. In order to submit a bid upon any property being

Successful buyers will be required to complete online identity checks. The cost of these checks is 50 including VAT per purchase** and is paid in advance directly to Kings Estates. An invoice will be provided. This charge is non- and is required to verify your identity in line with our obligations as agreed with hmrc.

Council Tax Band: A
Tenure: Leasehold
Length of Lease: 996
Annual Service Charge Amount: 1,440.00

Auctioneers Additional Comments

Pattinson Auction are referred to below as The Auctioneer. This auction lot is being sold under either conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between any marketing agent and The Auctioneer so that all matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid on any property marketed by The Auctioneer, all bidders buyers must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere. Our verification process is in place to ensure aml procedures are carried out in accordance with the law

Auctioneers Additional Comments

The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and the auctioneer and will typically be within a range above or below 10% of the Guide Price, Starting Bid. These prices are subject to change. An auction can be closed at any time with the auctioneer permitting for the property (the lot) to be sold prior to the end of the auction. 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.

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 equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (Subject to a minimum fee which could be up to 7,200 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and the Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.