No bars, no signal predictedOne bar, reliable signal unlikelyTwo bars, may experience problems with connectivityThree bars, likely to have good coverage and receive a data rate to support basic web servicesFull bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
Skip to main content
£420,000
Added > 14 days

Studio for sale

Ramsey, Isle Of Man
Save
Studio
0 bed
10 bath

Key information

Tenure: Leasehold | 84 yrs left
Council tax: Ask agent
Water: Ask agent
Heating: Ask agent
Electricity: Ask agent
Sewerage: Ask agent
Discover more information

Property description & features

  • Tenure: Leasehold (84 years remaining)
  • Excellent Investment Opportunity
  • 10 Studio Apartments
  • Fully Occupied
  • Option to Create 2 Further Studios
  • Separate Communal Laundry Room
  • Strong Net Yield Returns
  • Secure Entry System
  • Separate Indivudal Keycode Access
  • Central Ramsey Location
  • Close to Local Amenities
A rare investment opportunity to acquire 10 fully occupied studio apartments with a separate laundry room and two further rooms ready for conversion to create additional studio apartments.

Based on current rental terms, an asking price of £420,000 would generate a healthy return net of management fees, rates and ground rent in excess of 10% per annum.

Summary - A rare investment opportunity to acquire 10 fully occupied second floor studio apartments with a separate laundry room and two further rooms ready for conversion to create additional studio apartments.

Based on current rental terms, an asking price of £420,000 would generate a healthy return net of service charge, rates and ground rent in excess of 10% per annum.

Directions - Travelling into Ramsey off the A2 Coast Road, turn right onto Stanley Mount East and continue along the promenade following the road onto Dale Street where the property can be found on the left hand side.

The Opportunity - The opportunity comprises ten existing studio apartments, each of which are fully let for a price of up to £535pcm. The rental price includes ground rent, rates, service charge (including heating) and electricity.

Based upon an asking price of £420,000 and renting out the ten studios at £535pcm would generate a gross yield in excess of 18% and a net yield in excess of 10%.

There is further potential to increase these returns by converting the two additional rooms into two new studio apartments.

Accommodation - An electric door with key fob entry system allows access to the corridor upon which each property is situated. Spare keys to each apartment are stored for convenience in an individual lock box with its own unique entry code located outside the front door to each apartment.

Each of the ten apartments comprises its own individual entrance. Hardwood door leading to an entrance hall with telephone entry system. Large light and bright studio area with uPVC double glazed window. Separate kitchen comprising oven and hob, fridge, white wall and base units, white tile splash backs, stainless steel sink with mixer tap and laminate work surface. Bathroom including three piece suite in white with bath, wc and sink with pedestal basin. Each apartment is single occupancy only.

Laundry Room - Communal laundry room with four washing machines and four dryers with laminate work surface over.

Additional Rooms - Two additional rooms of similar size currently used by a local business as meeting/training rooms that could easily be converted to create two additional identical studio apartments.

Communal Area - Entrance to and from the building is available 24 hours a day. The communal area on the ground floor includes an area to park bikes securely.

The building is serviced by a lift and maintained by an active management company.

The communal area houses individual mailboxes for each apartment.

Outside - The property is located at the heart of St Pauls Square shopping precinct, that includes a Shoprite supermarket and is within easy walking distance to the Promenade and Ramsey Town Centre with all of its amenities.

Parking spaces are available via separate arrangement with the Management Company.

Property information from this agent

Places of interest

    We are a fully licensed online focused Isle of Man Estate Agency. Whether marketing and selling your property, helping you find your dream home or letting and managing your property, our focus is on delivering the best service and experience that we can. We do this by utilising state of the art marketing techniques including targeted online advertising through multiple mediums and platforms to ensure your property reaches the right audience. Our functionality provides 24/7 access to allow you to keep a track of the progress of your property transaction, personalise your property details, view feedback from viewings or sign-up for tailored property alerts. Being online focused affords us to pass on cost efficiencies to our customers, meaning we can provide all of the services of a local estate agency in an affordable, flexible and transparent way.

    *DISCLAIMER

    Property reference 28968073. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content provided by the agent or developer. This property advertisement does not constitute property particulars. The information is provided and maintained by Plum Properties - Isle of Man.

    OnTheMarket may have applied supplementary data to this property listing, including:

    Broadband availability and predicted speed

    Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:

    Basic: Up to 30 Mbit/s
    Super-fast: Between 30 Mbit/s and 300 Mbit/s
    Ultra-fast: Over 300 Mbit/s

    The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2

    Mobile phone signal availability and predicted strength

    Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:

    Clear: No bars, no signal predicted
    Red: One bar, reliable signal unlikely
    Amber: Two bars, may experience problems with connectivity
    Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
    Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services

    Energy Performance data and Internal floor area

    Any supplementary data should not be relied upon as forming part of any property particulars and OnTheMarket cannot be held responsible for any incorrectness in this data. See here for more information.

    *Call rate information

    Calls to 0843 numbers will be charged at 4p/min from BT landlines. Calls from other networks may vary, and calls from mobiles and outside the UK will be higher. Calls to local numbers beginning with 01, 02 and 03 numbers will incur standard geographic charges from landlines and mobiles.