Property description

For sale by public auction 29th February 2016 at the Marriott Hotel, Gosforth, Newcastle. A portfolio of 12 modern luxury apartments, situated in a converted hotel close to Consett Park.

Built in 1876, the Park Royal hotel was converted into a gated development of 14 contemporary apartments in 2007 and is an impressive looking building containing several one and two-bedroomed apartments.

9 of the apartments are currently let producing an income of £45,125. With the 3 further apartments let, an income of £62,000 has been achieved previously. 9 of the 12 apartments are two bedroomed, the remaining 3 are one bedroom.

The apartments all have either one or two parking spaces within the courtyard, which is accessed via electronic gates. There is also ample visitor parking. Each apartment has UPVC double glazing and gas central heating via combination boiler.

Park Place is on the outskirts of Blackhill, adjacent to Consett Park, and is within a quarter of a mile of local shops, facilities and schools, with Consett town centre less than a mile away. There are also good road links to Shotley Bridge and the other outlying villages and further to the regional centres of Durham and Tyneside.

Agents note: Planning permission has been approved for the neighbouring old brewery building for conversion into flats. £100 annual ground rent per apartment, total service cost of £5730 for 2016 is split between each flat (further details on request). Internal photos are of flat 4

Disclaimer - None of the services have been tested. Measurements, where given, are approximate and for descriptive purposes only. Boundaries cannot be guaranteed and must be checked by solicitors prior to exchanging contracts. The details are provided in good faith, are set out as a general guide only and do not constitute any part of a contract. No member of staff has any authority to make or give representation or warranty in relation to this property. For sale by auction see www.agentspropertyauction.com

Disclaimer 2 - Each auction property is offered at a guide price and is also subject to a reserve price. The guide price is the level where the bidding will commence. The reserve price is the sellers minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price, which may be up to 10% higher than the guide price, is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.