2 bedroom flat for sale
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Property description & features
VIEWING OPEN HOUSE THURSDAY 4th JULY 3PM - 3.30PM
A Residential Investment Comprising Two self-contained 3 bedroom Flats over the First and Second Floors. With almost 100% occupancy on a nightly rent of £135 with Brent Council, the annual income is around £95,000 providing a gross yield of 11.88%. A third flat on the third floor has been sold off with a ground rent of £50 Per Annum. The 2 self contained three bedroom flats on the first and second floor have a total combined GIA of approximately 1,222 sq ft. Leasehold. Flat 1 is held on a 125 year lease less three days from 1st May 1988 (thus approximately 89 years unexpired). Flat 2 is held on a 125 year lease from 1st May 1988 (thus approximately 89 years unexpired).
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A Residential Investment Comprising Two Self-Contained Three Bedroom Flats over the First and Second Floors. When Fully Let on Nightly Rents the Total Combined Income is £65,700 Per Annum. A Third Flat on the Third Floor is Sold Off with a Ground Rent of £50 Per Annum. The property comprises two self-contained three bedroom flats over the first and second floors with a total combined GIA of approximately 1,222 sq ft. Leasehold. Flat 1 is held on a 125 year lease less three days from 1st May 1988 (thus approximately 92 years unexpired). Flat 2 is held on a 125 year lease from 1st May 1988 (thus approximately 92 years unexpired).
Description: - The property comprises two self-contained three bedroom flats over the first and second floors with a total combined GIA of approximately 1,222 sq ft.
Tenure: - Leasehold. Flat 1 is held on a 125 year lease less three days from 1st May 1988 (thus approximately 92 years unexpired). Flat 2 is held on a 125 year lease from 1st May 1988 (thus approximately 92 years unexpired).
Location: - The property is situated on Malvern Road close to local shops and amenities. The open space of Paddington Recreation Ground is within easy reach. Transport links are provided by Maida Vale underground station (Bakerloo line) and Queen's Park rail station.
Tenancy: - The two self-contained flats are currently let on a nightly basis with an income of £65,700 per annum (assuming full occupancy each night). There is an option to let the building on a single RPI lease to a housing association for a term of 10 years commencing September 2021at a rent of £51,202 per annum. The rent would increase each year in line with the RPI and there is no break clause.
Accommodation: - Flat 1FirstThree Bedrooms, Communal Kitchen and Bathroom
Flat 2SecondThree Bedrooms, Communal Kitchen and Bathroom
Flat 3ThirdSold off on a lease from 5th February 997 expiring on 5th January 2113 at a rent of £50pa rising to £250pa
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