Block of apartments for sale
Key information
Property description & features
- Tenure: Freehold
- Investment opportunity for *£1,400,000* freehold interest.
- Two purpose built blocks with *6 x 1 bedroom flats* and parking spaces.
- Front block: *4 flats*, rear block: *2 flats*.
- *Planning permission granted* to extend Flats 1 and 2 by *1.8m*.
- Current annual income: *£79,000* with potential to increase to *£90,000*.
- All flats are under *AST agreements*.
- Estimated total market value: *£1,465,000*.
- Long term investment with *rental growth* and capital appreciation potential.
We are pleased to present this well-maintained residential development consisting of two purpose-built blocks, offering a prime investment opportunity.
The front block contains 4 x 1-bedroom flats, while the rear block includes 2 x 1-bedroom flats, each with parking spaces. There is also planning permission granted to extend Flats 1 and 2 (rear block) by 1.8m, providing an opportunity for further development should the buyer wish to do so.
The current owner has enjoyed 9 years of consistent, high-yield income, with all flats under AST agreements, producing a strong rental return of £79,000 per annum, with the potential to increase this to £90,000 per annum.
Current Income and Tenancy Details:
Flat 1 – £10,500 PA – long-term tenant (market rent: £15,600)
Flat 2 – £15,600 PA – tenancy ends January 2025
Flat 3 – £11,700 PA – under-let
Flat 4 – £13,800 PA – market rent (since June 2023)
Flat 5 – £13,800 PA – under-let
Flat 6 – £13,800 PA – under-let
Estimated Market Value (per unit):
Flat 1 – £240,000
Flat 2 – £240,000
Flat 3 – £240,000
Flat 4 – £245,000
Flat 5 – £245,000
Flat 6 – £255,000
All flats have a current BLP 10 year Building Warranty:
Flats 1-2 expire on the 24th November 2024
Flats 3-6 expire on the 30th October 2025
All Flats have an EPC of C
Total estimated market value: £1,465,000
Asking price for the entire freehold: £1,400,000
This development presents a unique opportunity for investors seeking a reliable income stream with potential for rental growth and long-term capital appreciation. Contact us for more details on this off-market transaction.
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Property reference PCJ-68625708. 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 Paul O'Shea Homes - London, Surrey & Kent.
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