Flat 3, 13 Southside Street, Plymouth, Devon, PL1 2LA

Description

Description Town & Country Property Auctions are delighted to offer For Sale by Public Auction this stunning first-floor modern apartment, ideally positioned in the heart of Plymouth’s vibrant and highly sought-after Barbican waterfront, close to the historic Plymouth Hoe. Forming part of a contemporary development comprising six recently created apartments, this impressive property combines stylish modern design with an enviable waterfront location, making it an excellent opportunity for both owner-occupiers and investors. The apartment is currently utilised as a successful holiday rental, generating an attractive income stream, with the location providing strong appeal to visitors looking to enjoy Plymouth’s historic waterfront, restaurants, bars and attractions. The accommodation offers two generously proportioned double bedrooms, providing excellent flexibility for families, professional sharers or those looking for additional space for a home office or second reception area. At the heart of the apartment is a superb open-plan kitchen and living space, finished to a high standard with contemporary fixtures, high-end appliances and plenty of room for comfortable entertaining and everyday living. Large windows and patio doors allow an abundance of natural light into the apartment while offering attractive views across the surrounding area. There are two well-appointed bathrooms, with the principal bedroom benefiting from a stylish en-suite. The second bedroom has convenient access to the separate family bathroom, with both bathrooms finished with quality fixtures and fittings. The property enjoys an exceptional location, with the famous Barbican waterfront, Plymouth Hoe, an array of bars, restaurants, bistros, independent shops and coffee houses all within easy reach. The area is steeped in history and remains one of Plymouth’s most desirable locations for both residents and visitors. Lease Information We understand the property is held on a lease with approximately 999 years remaining and is subject to a service charge of approximately £1,600 per annum although this is subject to change. The above information has been provided in good faith, but prospective purchasers are strongly advised to make their own enquiries and obtain formal verification through their appointed solicitor. Auction Highlights Stunning first-floor modern apartment Two double bedrooms Principal bedroom with en-suite Contemporary open-plan kitchen/living area High-quality fixtures and fittings Currently operating as a successful holiday rental Prime Barbican waterfront location Close to Plymouth Hoe Excellent investment or luxury home opportunity An exceptional opportunity to acquire a stylish two-bedroom apartment in one of Plymouth’s most desirable and sought-after locations, with the added benefit of an established holiday rental income stream. Early inspection is highly recommended.. 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: 2 . Reception Rooms: 1 . Council Tax Band: A . Market Value: £240,000 . Rental Value Per Month: £1450 . 28 Day Completion ADDITIONAL INFORMATION . Property Tenure: Leasehold . Length of lease remaining: 999 . Annual service charge: £1600 approx 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 3, 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 £800–£975 pcm (£9,600–£11,700 pa). This is an HB estimate and should be verified against current local lettings.

GDV / Resale Analysis

HB indicative post-works / stabilised value range: £162,000–£183,000. 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 £150,000 plus midpoint works of £10,000 gives about £160,000 before acquisition/finance costs. At the midpoint HB value of £172,500, an illustrative 75% refinance is about £129,375, leaving approximately £30,625 of purchase/works capital before transaction costs.

Flip Analysis

Midpoint HB value £172,500 less guide and midpoint works gives an initial gross spread of about £12,500. 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: ★★★☆☆