1.5 acre plot & 3 Bedroom Detached Bungalow, 16 Turnpike Road, Bury St Edmunds, IP28 8JZ8

Overview

Hammer Price Homes are delighted to present for sale by online auction a unique opportunity to purchase this vacant & chain free, 3 bedroom detached bungalow located on a 1.5 acre plot in Red Lodge. Due to the condition of the property, this auction is strictly for cash buyers only.

The accommodation, arranged on one floor, briefly comprises: Lounge, dining room, reception room, kitchen, 3 bedrooms and a bathroom. There is also a small workshop adjoining the main property. To the outside there are a number of outbuilding and garages.

The accommodation is in a very poor state of repair, including cracking under an asbestos roof, and is likely to be unviable as a renovation project. With a plot of 1.5 acres this may appeal more as a blank canvass for development. Red Lodge has enjoyed significant expansion in the last 20 years and there has been several new homes built in close proximity to the property in the last 10–15 years.

With there being evidence of new home development in the area we feel it is fair to assume that development and planning would be forthcoming from the local planning authority. Any planning applications would however be handled by the buyer post completion as the 90 days is strict and the property is sold as seen.

A full search pack is available and will be charged to the winning bidder at £250 Plus VAT on top of the reservation fee and is payable at the same time. Please see the Other Information section for more details.

Those interested in viewing should visit the Hammer Price Homes website, register as a buyer and book a place on an open day. Those interested in bidding without viewing should register as a buyer and call our office on 020 3814 1888 to discuss.

Special Conditions

This auction is strictly open for cash buyers only as due to the condition it will be not be possible to obtain lending on the property through a traditional mortgage. The property is sold as seen. You will not be able to withdraw from the sale with a return of the reservation fee citing issues around securing lending on the property, for reasons concerning the condition of the property structural or other, for anything identified in the search pack provided, or for anything to do with a planning application.

Other Information

Tenure – Freehold – Land registry information is available for download from the Hammer Price Homes website, please ensure you read the document, especially in relation to the missing deed that contains restrictive covenants.

Searches – Please be advised that we have had a search pack done for this property, these searches are available for download from the Hammer Price Homes website. You will see on the Environmental search that there is a Further Action point in regards to section 1.18- Past Industrial Land Uses, this shows that a petrol filling station was within close proximity to the property. we have since communicated with the search company who have advised that the petrol filling station was next door to the property and showed on a historic  map from 1979 and 1984. You can see that the land in which the petrol station once was on has now been developed and houses built on it, you would therefor assume that any remediation works was done by the developers of properties that now sit on that land. We have also made available, a downloadable pdf document which shows a copy of the historic map from 1979 / 1984 showing the location of the old petrol filling station (in green) in comparison to the boundary of the property (outlined in blue).

Please ensure that you read the searches prior to bidding as there will be no grounds to withdraw from the sale with a return of the reservation fee for reasons around the searches.  There will also be an additional cost to the buyer of £250 plus vat for the searches. This is payable by the winning bidder and is in addition to the reservation fee.

Auction Details

** Open for cash buyers only. 90 days to complete**

Auction ends – Thursday 24^th March 2022 at 1pm (subject to anti-sniping)

Bidding Window Opens – Tuesday 22^nd March 2022 (Bidding will not be possible until this time)

Starting price – £320,000 (Reserve price is higher & unpublished, typically the starting price will be 15 – 20% below the Reserve figure as per our Buyer Terms)

How to make an offer

Offers can only be made via the online auction in the form of a bid once the bidding window has opened. No offers will be accepted outside of the auction process.

Once a sale has been agreed (STC) and a price agreed then no further price negotiation will take place. This sale price is fixed at the winning auction price and the buyer honoured to pay it. Any subsequent attempt by the buyer to contact the vendor direct to renegotiate on price would hold the buyer in breach of our terms. Should the buyer withdraw then they may have to forfeit the reservation fee. Please read the buyer terms and FAQ’s on the site for more details.

This is a probate property and is sold as seen. The vendors / solicitor may not be able to answer the usual pre-contract questions