8 bed flat for sale

Cumberland Street, Ipswich IP1

Summary
An established freehold residential investment producing an annual income of approximately £47,000 with strong occupancy and excellent long-term potential.

Description
An exceptional investment opportunity to acquire the freehold of Hope House, a well-maintained block of five self-contained apartments situated within easy reach of Ipswich town centre and its excellent range of amenities.
The property comprises three spacious two-bedroom apartments and two one-bedroom apartments, all currently occupied with tenants in situ, providing an immediate and attractive rental income. The block benefits from private parking, communal block-paved garden enclosed by brick walls, and an additional walled rear garden, offering outdoor space for residents. Generating a combined rental income of approximately £3,900 per calendar month (£46,800 per annum), this established residential investment presents a fantastic opportunity for landlords seeking a fully income-producing asset in a popular and convenient Ipswich location.
Hope House occupies a convenient position on Cumberland Street, just to the west of Ipswich town centre. The property is ideally located for tenants seeking easy access to a wide range of shopping, dining and leisure facilities, with the town centre and popular Cornhill area reachable on foot in approximately 10 minutes. The vibrant Ipswich Waterfront, home to an array of bars, restaurants and cafes, is also within easy reach.

For commuters, Ipswich Railway Station is approximately 0.7 miles away, providing regular direct services to London Liverpool Street, Norwich and Cambridge, and can be reached on foot in around 15-20 minutes.

Auctioneer's 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 Limited. 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 4.5% of the purchase price including VAT, subject to a minimum of £6600.00 including VAT. This 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 complete an identification process with iamsold and provide proof of how the purchase would be funded.

The 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 of the Reservation Agreement and terms and conditions are contained within this pack. The buyer will also make payment of no more than £349 inc. VAT towards the preparation cost of the pack. Please confirm exact costs with the auctioneer.

The estate agent and auctioneer may recommend the services of other providers to you, in which they will 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 undisclosed reserve price that can change.

Area Description
Ipswich, the county town of Suffolk, continues to attract strong tenant demand due to its combination of historic charm, ongoing regeneration, excellent transport links and growing employment opportunities. The town centre offers a comprehensive range of national retailers, independent shops, restaurants and entertainment venues, contributing to the long-term appeal of this fully let investment property.

Agent Note
Please be aware that we require id and proof of address from all buyers prior to formally processing any accepted offers. An aml fee of £80 (including vat) is also payable at this stage and covers the cost of carrying out the required identity and anti-money laundering checks. Once these checks have been completed, the fee cannot be refunded, even if the property purchase does not go ahead.

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.