Chapel Street, Salford From £25,000

• INVESTMENT OPPORTUNITY
• STUDENT ACCOMMODATION
• TENANT IN-SITU
• PRIME LOCATION

Being Sold via Secure Sale online bidding. Terms & Conditions apply. Starting Bid £25000

We are pleased to introduce this investment opportunity sold with tenant in-situ.

The apartment is located on Chapel Street, Salford, M3 5JZ
X1 Student Accommodation in close proximity to Salford University generating a high rental demand.

The property itself is one of the larger units in the block. It consists of a simplistic design with a double bedroom, bathroom and hallway making it an ideal, low maintenance investment for anyone looking to get on the investment property ladder, or expanding an existing portfolio.

Current rental income £8,495.96 per annum with potential to increase.
Service Charge £4,080.72 per annum.
Ground rent: £500.00 per annum.

Starting Bid: £25,000.00.


Please note, any viewings or offers that take place from this moment must be placed through the auction T&Cs as per the Sellers agreement.

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

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 Marketing Agents or via The Auctioneers website.

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

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. Bids can be submitted at any time and from anywhere. 

Our verification process is in place to ensure that AML procedure are carried out in accordance with the law.

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’.

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 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 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 inc 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 their 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.

• Vendors/Tenants will have to wait outside while viewings are completed, or in different parts of a house if it’s large enough.
• Potential buyers/renters will not be allowed to touch surfaces including doorknobs and agents will have to have to carry wipes and disinfectant.
• Those completing viewings including agents will have to wear masks and gloves and must not present any COVID-19 symptoms including a cough.
• Only two people will be able to attend viewings – children and other members of a family will not be able to come.

To ensure the COVID-19 crisis will not impact our level of service, here are the companywide measures we've taken:

• Following official guidelines: Our offices are strictly adhering to all guidelines from the Center for Disease Control (CDC) and the World Health Organization (WHO), and our staff are taking all preventative measures seriously.
• Working remotely: We operate day to day via cloud based systems and therefore we expect any disruption to our level of service to be minimal. All teams have access to a computer if we’re required to work from home in the near future.
• Travel restrictions: We love travelling to meet our customers, but, for the time being, we’ll be halting all unnecessary travel.
• Managing employee illness: Employees who are not feeling well are instructed to stay at home. If they, or a family member, are diagnosed with the virus, our Senior Management team will be immediately notified. No employees, to date have contracted COVID-19.

From 1st June 2019:

• Monthly Rent as agreed
• Deposit equivalent to 5 weeks rent up to annual rent of £50,000
• Holding fee equivalent to 1 weeks rent
• Rent Arrears plus interest as per regulation https://www.gov.uk/government/collections/tenant-fees-act
• Utilities
• Cost of replacement lost keys, fobs etc
• Variation to Tenancy £50 inc VAT
• Early termination of tenancy up to total of outstanding rent or agents relet fee plus rent up to new signed tenancy
• Greendeal payment or other energy efficiency Charges

Existing Tenancies and Periodic Tenancies pre 1st June 2019:

Fees as per tenancy still applicable.

For more information on the Tenant Fee Act visit : https://www.gov.uk/government/collections/tenant-fees-act

For more information on our company please visit www.themanchesteragent.co.uk
If you would like to find out more about the people behind our brand read our story www.themanchesteragent/our-story
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