'A sound investment': Block of apartments set for auction

A block of apartments at 69-70 Marine Parade in Great Yarmouth is set to be auctioned off.

A block of apartments at 69-70 Marine Parade in Great Yarmouth is set to be auctioned off. - Credit: Auction House East Anglia

A block of 26 apartments on a popular seafront is set to be auctioned off later this month.

The large HMO has been divided into 26 apartments and is being marketed by Auction House East Anglia.

It is set to go under the hammer at an online auction on July 28 with a guide price of £325,000 (plus fees) on a leasehold tenure, with the auctioneers describing it as "an exceptional income generating opportunity."

The property description from the auctioneers - for the block of apartments at 69-70 Marine Parade in Great Yarmouth - states: "A block of 26 apartments located on the seafront at Great Yarmouth with a current gross income in excess of £100,000 pa when fully let.

"Located opposite the Britannia Pier, this house of multiple occupation has been divided into 26 apartments, most with self contained facilities.

"Twenty five are currently let and the remaining unit requires updating but will provide an additional rental income.

"The property has been upgraded by the current owner and it has a licence for multiple occupation granted by Great Yarmouth Borough Council for five years from April 14, 2019.