Situated in the heart of Colchester on the ever-convenient Magdalen Street, this one-bedroom flat offers an excellent opportunity for buyers seeking a property with scope to add value and personalise to their own tastes. Benefiting from its own private entrance, the property enjoys a prime town-centre position just 0.4 miles from Colchester Town Station, with a wide range of shops, restaurants and transport links, including Colchester Bus Station, all within easy reach.
The accommodation comprises a generous living area, a well-proportioned bedroom, a fitted kitchen with oven and hob, and a bathroom featuring a shower over the bath. While the property would benefit from modernisation throughout, it presents a fantastic blank canvas for first-time buyers, investors or those looking to create a home tailored to their own style and requirements.
The owner has advised that there may be some rising damp affecting the kitchen wall. The freeholder is currently looking into the issue, and the wall has been left in its current condition to provide prospective purchasers with full visibility. Importantly, the asking price has been set to reflect both the property's overall condition and the damp issue, presenting an excellent opportunity for buyers prepared to undertake improvements and add value.
The property is offered with a lease expiring in June 2088 and benefits from a low annual ground rent of £50, with no service or maintenance charges payable. EPC Rating: D. Council Tax Band: A. Tenure: Leasehold. Ground Rent: £50 per annum. Remaining lease term: approximately 61 years and 11 months. EPC rating: D. Council tax band: A, Domestic rates: £1493.96, Tenure: Leasehold, Annual ground rent: £50, Length of lease (remaining): 61 years 10 months,
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