12 bedroom flat for sale
Key information
Features and description
- Tenure: Leasehold (11 years remaining)
Premium price = £550,000 (no VAT)
Income = £185,333 pa
Potential income = £206,784 pa
Rent payable = £45,000 pa (reviewed every 3 years)
Building insurance = £3,402 pa (last premium)
Lease expiring in June 2036
Description
12 self-contained flats arranged over 3 upper floors on Kingsland High Street, within 130 metres of Dalston Kingsland overground station with easy links to both Highbury & Islington and Stratford and being just over 2 miles from the City of London.
Sold with the benefit of existing tenants, all on ASTs (assured shorthold tenancy agreements).
The property has recently been refurbished and upgraded with high-retention storage heaters.
Each flat has it’s own kitchenette and shower room. There is also a laundry room with a shared washing machine for the residents.
Tenants are responsible for all bills (electricity, water, council tax) except for building insurance. (There is no live gas supply.) An interconnected fire alarm system is installed, along with an intercom system for residents.
Gated parking (shared) to rear.
Current Rental Income: gross yield = 33.7%; net yield = 24.9%
Flat Gross rent pcm
1 £1,437
2 £1,439
3 £1,280
4 £1,437
5 £1,439
6 £1,040
7 £1,436
8 £1,436
9 £1,100
10 £1,100
11 £1,200
12 £1,100
Total £15,444 pcm
Potential Rental Income
If the rents were aligned to the current Local Housing Allowance (LHA) rates in the area, the total annual rent would become £206,784. This would increase the gross yield to 37.6% and the net yield to 28.8%.
EPC Ratings
Flat EPC rating
1 C
2 C
3 C
4 C
5 C
6 C
7 C
8 D
9 D
10 D
11 C
12 C
Current Length Of Lease Remaining: 11 Years
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Property Reference number : 618613About this agent
interested buyers and let us instruct the solicitors once an offer has been agreed.