** 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 ihe 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 £36,300 per annum in rental income which represents a strong yield of 6% 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 £500PCM. Apartment 2 comprises of one bedroom, a spacious living room, fitted kitchen and bathroom suite and generated a rental income of £500PCM. Apartment 3 consists of a living room, modern kitchen and bathroom suite and a double bedroom. The apartment currently generates £525PCM. 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 £475PCM. 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 £525PCM. Externally, the block benefits from communal parking and further communal gardens beyond.
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