Property description
GUIDE PRICE £270,000 - £280,000
This investment property comprises 5 self contained flats that are let on individual Assured Shorthold tenancies. 4 of the 5 flats are currently let.
The gross rental income for the building when fully let is £23,880 per annum which represents a return of 8.8% .
The tenants are responsible for the payment of their own utility bills, council tax and broadband.
The building as been well maintained by the current owner and because the flats are self contained it does not require an HMO license.
Flat 1 - available for £395 pcm
Bed sitting room, kitchen/diner, shower room. EPC D.
Flat 2 let at £325 pcm
Small flatlet comprising bed sitting room, kitchen, shower room. EPC B.
Flat 3 - let at £470 pcm
Large flat comprising large Living room with open plan kitchen, bedroom, shower room. EPC C.
Flat 4 - let at £330 pcm
Open plan studio with separate shower room. EPC C.
Flat 5 let at £470 pcm
A large flat comprising open plan living room/kitchen, bedroom and shower room. EPC C.
The appeal of the property is that it produces a healthy return with little day-to-day input from the owners, unlike student properties. The building has been managed by Falcon Lettings and the flats have all proven to be let readily which helps to guarantee a steady income stream.
FREEHOLD - because the property is divided into flats traditional buy to let mortgages are only available to established professional landlords. We have just heard that there are some lenders now looking at this type of investment for buy-to-let mortgages. Call our Independent Financial Adviser for details, Chris Pascoe 600444.
Property Features :
- Five Self contained Flats
- Freehold Investment Sale
- Gross Income of £ 23,880
- Return of 7.4 % gross
- Well maintained and Managed Building