Property description
LOCATION
Located along Castle Road, a very popular and densely populated residential location, is this very well maintained block of flats, which is only a short walking distance to the full range of services offered by the town centre and is therefore ideally located for rental occupiers. The property is centrally positioned amongst a set of terraces. Scarborough's town centre has many major shopping chains alongside boutique independent shops. As well as a main pedestrianised shopping street and the Brunswick Shopping Centre, boutique stores can be found on Bar Street and St Thomas Street, all within walking distance of the property. Scarborough itself is not only a tourist and holiday destination but a sustainable town year-round boasting of a population of some 108,000 (2011 census). The town is serviced with excellent transport links, by the A64 linking Scarborough with York, Malton and Leeds and onto the A1(M) and A19. The train station is close by and the town is served by 25 main bus routes. The University of Hull: Scarborough Campus is also located nearby.
DESCRIPTION
Popular town centre location, within walking distance to all local facilities
Rare substantial investment opportunity (off market only targeted investors)
Very well and regularly maintained building full refurbishment in 2012
Excellent letting history, high occupancy with strong rental demand
Includes a 2 bedroom luxury penthouse with panoramic views
Includes a 1 bedroom flat suitable for disabled access and facilities
Under the same ownership for over 15 years, as part of a large portfolio
Annual rental income: £67,458 (reversionary) from 4 x 2 bed flats, 8 x 1 bed flats
Reversionary: market rental anticipated to be £72,500 pa
OIEO £1,000,000 at 6.75% gross yield or 7.25% Gross reversionary yield
Suitable for alternative uses subject to planning
ACCOMMODATION
A very well maintained building consisting of 4 flats in total, all boasting well proportioned room dimensions and providing the following accommodation: 2 x 2 bed flats and 2 x 1 bed flats. The ground floor two bed flat has a courtyard garden. The building has undergone a regular maintenance programme by a proud local owner. The flats are separately metered with a fully operational alarm system.
SERVICES
Mains water, electricity and drainage are available and are believed to be connected. Prospective purchasers are advised to make their own enquiries.
OTHER
Full EPCs available on request.
Flat 1 = Energy Rating = C Environmental Rating = C
Flat 2 = Energy Rating = C Environmental Rating = B
Flat 3 = Energy Rating = C Environmental Rating = B
Flat 4 = Energy Rating = C Environmental Rating = B
Flat 5 = Energy Rating = C Environmental Rating = C
Flat 6 = Energy Rating = C Environmental Rating = B
Flat 7 = Energy Rating = C Environmental Rating = B
Flat 8 = Energy Rating = C Environmental Rating = B
Flat 9 = Energy Rating = C Environmental Rating = C
Flat 10 = Energy Rating = C Environmental Rating = C
Flat 11 = Energy Rating = C Environmental Rating = B
Flat 12 = Energy Rating = D Environmental Rating = D