1-Bedroom apartment, near Edinburgh Castle
SOLD BY AUCTION FOR £190,000: A vacant 1-bedroom ground floor apartment within 500 ft of Edinburgh Castle, measuring 495 sqft and in need of modernisation. The property has been previously tenanted and offers both a resale and yield potential to the winning bidder. The property will be conditionally sold by auction on Friday 16 September 2022, bidding will be by means of a 2-hour online bidding window, opening at 10.00 and closing at 12.00.
Auctioneer's comments: "This lot offers a unique opportunity to buy a property near the iconic Edinburgh Castle, these apartments rarely come up and this one suits investors looking for resale or yield."
Auction date
The property is to be sold by public auction on Friday 16 September 2022 via a 2-hour online bidding window.
To view
The property can be viewed by booking onto one of the advertised managed block viewings. Once you have registered to bid by setting up your online bidding account you will be emailed the Calendly link to choose the date and time that suits you best. Each block viewing is strictly 30 minutes, and no ad hoc viewings will be available. In most cases, a video tour will be available. The managed block viewings for this property are Thursday 25 August 2022 at 1200 and Tuesday 13 September at 1300. More dates and times may be added for the week of the auction.
Description
* 1-bedroom * In need of modernisation * 495 sqft
Outside
Communal entrance, communal gardens
Location
* 489 ft to Edinburgh Castle * 0.5 miles to Edinburgh Waverley rail station * 0.4 miles to National Museum of Scotland
Accommodation
Ground floor: bedroom, bathroom, kitchen
EPC rating
To be confirmed
Tenure
Freehold with vacant possession
Local authority and council tax band
City of Edinburgh Council
Council tax band: C
The method of sale
The property is to be sold as per the V4 Common Auction Conditions. This is an immediate and unconditional exchange of contracts with the payment of a 10% deposit of the winning bid and the auction fees for the property. Completion will be confirmed in the V4 Special Conditions in the Legal Pack. It is the bidder’s responsibility to read these and understand the terms and conditions of the auction.
Set up an online bidding account
Once you have expressed an interest in the property you will be emailed a link to set up your online bidding account (this can be found on our website under ‘View Current Auction Lots”. Setting up for bidding account is free and it is here that you will have access to the Legal Pack. Once your account is registered you will be automatically notified of any additions or changes to the legal documents or the auction date/process. Only the bidder needs to register, should you win the auction additional buyers can be nominated.
Confirm your ID
Once you have set up your online bidding account we will send you an SMS through which you can download the Credas smartphone application to work through the remote confirmation of your ID. This will need to be done for all nominated buyers should you win the auction, please note that should your nominated buyers fail to complete the ID checks then you, the bidder, will be noted as the buyer as per the V4 Common Auction Conditions.
Read the legal documents
Each property will have a full set of legal documents available through your online bidding account. The legal pack will contain all the information held on the property, and the V4 Special Conditions will detail the completion date and any additional fees to be paid on completion.
View the property
The property can be viewed by booking into one of the advertised managed block viewings. Once you have registered to bid by setting up your online bidding account you will be emailed the Calendly link to choose the date and time that suits you best. Each block viewing is strictly 30 minutes, and no ad hoc viewings will be available. In most cases, a video tour will be available. Managed block viewings are the Tuesday and Thursday of the auction week.
Pay the security deposit
In order to bid on the day during the 2-hour online bidding window, you will need to lodge a security deposit of £5,000.. Once your ID is confirmed you will be sent the relevant details to pay the security deposit. This is to be paid into our client account by means of a Faster Payment. Should you not win the auction this will be returned to you immediately and in full. If you are the winning bidder you will be invoiced for the balance of the 10% deposit and auction fees.
Pre-auction bids
These must be made in writing by email and will only be put to the client once you have set up your online bidding account and confirmed your ID as described above. The pre-auction bid will also need t to be in excess of the advertised guide price. Should your pre-auction bid be accepted you will need to make payment of the 10% deposit and the auction fees immediately.
2-Hour online bidding window
A buyer’s fee of £2,500 plus VAT is payable on each lot that you buy, in addition to the sale price. Please be aware there may be other additional fees, including disbursements contained in the legal pack payable on completion. Please ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
Auction fees
In addition to the 10% deposit of your winning bid, you will need to pay 2% plus VAT (min. fee of £3,500) of the purchase price and £2,500 plus VAT (the combined minimum fee is £6,000 plus VAT). Please be aware there may be additional fees, including disbursements in the legal pack payable on completion, ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
A note on guide prices
Guide Prices are provided as an indication of each seller's minimum expectation. They do not necessarily set the figure that a lot will sell for and may change at any time prior to the auction. Each lot will be offered subject to a reserve, (a figure below which the auctioneer cannot sell the property during the auction) which will be set within a reasonable bidding range of the stated guide price.
Completion
The completion date is specified in the V4 Special Conditions contained in the Legal Pack for the property which can be accessed through your online bidding account. If there is no date
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Lot 16 - 1/7, Castle Wynd South, Edinburgh, Midlothian, EH1 2JT
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Agreement Documents
Additional Documents
Related Documents
Virtual Tour
Lot 16: Video TourShare
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