** INVESTMENT OPPORTUNITY – 5% YIELD **
A rare opportunity to acquire an impressive block of 6 self-contained one bedroom apartments situated in a highly regarded location in Heaton Norris. The FREEHOLD development currently generates in the region of £32,000 per annn tum with potential growth by way of some cosmetic improvements. Successfully managed by Philip James Lettings for over 15 years, the property has seen a steady increase in rents ever since due to high demand for one bedroom apartments to let in the area.
This substantial Victorian semi-detached property is split over four floors with accommodation spanning 3165 sq ft. The development benefits from well-maintained grounds with ample residents parking and communal gardens. The development provides scope for further extension potential (subject to the relevant planning permissions).
The property currently generates in the region of £32,000 per annum in rental income which represents a strong yield of around 5.5% with further potential to increase in the current rental market. Apartment 1 is situated on the ground floor and comprises of one bedroom, a large living room with bay window, modern kitchen and is served by a three piece bathroom suite. This apartment currently generates a rental income of £550PCM. Apartment 2 comprises of one bedroom, a spacious living room, fitted kitchen and bathroom suite and generated a rental income of £550PCM. Apartment 3 consists of a living room, modern kitchen and bathroom suite and a double bedroom. The apartment currently generates £495PCM. Apartment 4 occupies a first floor position within the block and comprises of a entrance hall, bright and spacious living room, kitchen, contemporary bathroom and one double bedroom generating £530PCM. Apartment 5 is the largest apartment and occupies a top floor position in the block. The accommodation comprises of a large entrance hall, spacious living room, kitchen, bathroom and a double bedroom generating £525PCM. Apartment 6 occupies the basement level within the property and is in need of refurbishment. The property has historically achieved £475PCM but subject to further works being carried out could achieve up to £575PCM. Externally, the block benefits from communal parking and further communal gardens beyond.
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