Flat 2, 13 Southside Street, Plymouth, Devon, PL1 2LA

Description

Description Town & Country Property Auctions are delighted to offer For Sale by Public Auction this beautifully appointed first-floor apartment, ideally positioned in the heart of Plymouth’s sought-after Barbican waterfront, just moments from the historic Plymouth Hoe. Recently developed to create just six stylish apartments, this impressive building combines a contemporary design with a luxurious, sophisticated finish, making it an exceptional opportunity for both homeowners and investors. A Stylish Home or Attractive Investment This spacious one-bedroom apartment would make an ideal low-maintenance luxury home for an individual or couple, while also offering excellent investment potential. The property is currently generating a strong income as a holiday rental, benefiting from its highly desirable waterfront location and proximity to Plymouth’s many attractions. Open-Plan Living At the heart of the apartment is a generous open-plan kitchen and living space, thoughtfully designed for both comfort and entertaining. The modern kitchen features high-quality appliances, while there is ample room for substantial furnishings. Large windows and patio doors allow plenty of natural light to flood the room and provide captivating views, creating a bright and inviting living environment. Spacious Double Bedroom The well-proportioned double bedroom is also beautifully light and offers plenty of space for a substantial bedroom suite, along with generous storage options. Contemporary Bathroom The stylish bathroom continues the apartment’s sleek and contemporary aesthetic, featuring high-quality fixtures and fittings and creating a calm, luxurious space in which to relax. An Unbeatable Barbican Location Step outside and you are immediately immersed in the character and atmosphere of Plymouth’s historic Barbican. The surrounding area offers an excellent choice of waterside bars, restaurants, bistros, independent boutiques and charming coffee houses, all set amongst historic buildings and picturesque waterfront surroundings. The famous Plymouth Hoe is also within easy reach, while the apartment’s central position makes it ideally placed for enjoying everything this vibrant coastal city has to offer. Lease Information We understand that the apartment is held on a 999-year lease, with approximately 999 years remaining. The current service charge is understood to be approximately £1,600 per annum, although this is subject to change. The above information has been provided in good faith and should be verified by the purchaser and their legal representative as part of the conveyancing process. A Rare Opportunity Combining stylish modern accommodation, a prime Barbican waterfront location and strong investment potential, Flat 2 represents an exciting opportunity for those seeking either a luxurious city-centre residence or an attractive holiday-let investment. The property will be entered into our 9th September auction which is held online and starts at 10am. You must register to bid and download the legal pack. PROPERTY FEATURES . Number of Bedrooms: 1 . Reception Rooms: 1 . Council Tax Band: A . Market Value: £190,000 . Rental Value Per Month: £1100 . 28 Day Completion Tenure: Leasehold VIEWING ARRANGEMENTS We will be holding viewing slots, please call us on 01202 143399. The property is available for viewing immediately. Please contact Town & Country Property Auctions for more information and to register for the auction. The auction will be held online, and registration is now open.

Location

Flat 2, 13 Southside Street, Plymouth, Devon, PL1 2LA

Investment Analysis

Investment Snapshot

Strategy Recommendation

Preferred strategy: Income Investment / Buy-to-Let. Confirm this against the legal pack, inspection, finance and local market evidence before bidding.

Works Required

• Obtain a condition / structural survey

• Electrical and heating checks

• Allow for decoration and repairs

• Review lease, service charge, ground rent and major works

• Review tenancy documents, rent history and landlord compliance

HB initial works allowance: £5,000–£15,000. This is an investment-feasibility allowance, not a contractor quotation.

Rental & Market Context

The auction particulars state current rental income of approximately £1,600 per annum. For initial appraisal only, HB estimates market rent at approximately £675–£825 pcm (£8,100–£9,900 pa). This is an HB estimate and should be verified against current local lettings.

GDV / Resale Analysis

HB indicative post-works / stabilised value range: £108,000–£122,000. This is an appraisal estimate only, not a RICS valuation. Verify against recent genuinely comparable sold evidence.

Properties Sold Within Approx. 5 Miles

Specific sold transactions are not contained in the supplied scrape, so no unverified addresses or sold prices have been inserted. Check recent Land Registry / local comparable evidence before setting a maximum bid.

Potential BRRR Position

Illustrative middle case: guide £100,000 plus midpoint works of £10,000 gives about £110,000 before acquisition/finance costs. At the midpoint HB value of £115,000, an illustrative 75% refinance is about £86,250, leaving approximately £23,750 of purchase/works capital before transaction costs.

Flip Analysis

Midpoint HB value £115,000 less guide and midpoint works gives an initial gross spread of about £5,000. This is not profit: SDLT, auction fees, legal fees, finance, holding costs, utilities, insurance, selling fees and contingency must also be deducted.

Investor Risks & Due Diligence

• Review the full legal pack, title and special conditions

• Confirm buyer's premium / auction administration charges and completion timetable

• Obtain a suitable condition or structural survey

• Verify refurbishment quotations and contingency

• Verify current rental evidence and recent comparable sales

• Confirm lender requirements, valuation and exit finance

• Confirm lease length, ground rent, service charge, major works and lender acceptability

• Verify tenancy agreements, deposits, rent history and landlord compliance

Recommendation

Initial recommendation: Income Investment / Buy-to-Let. Proceed only if the legal pack, condition, funding and exit-value evidence support the proposed maximum bid.

Strategy Rating

Buy-to-Let: ★★★★☆ | BRRR: ★★★☆☆ | Flip/Resale: ★★★☆☆