Property description
Located within easy access of local amenities, transport links and the town centre is this modern apartment that would be an ideal first time buy or investment. The first floor accommodation comprises of secure communal hall, Entrance Hall, Lounge Diner, Kitchen, TWO BEDROOMS and a Bathroom. The apartment also features UPVC double glazing and a Juliette balcony from the Lounge which is south facing. Outside there is communal gardens and other facilities, alongside 2 allocated spaces for parking. This apartment is currently let with a long standing tenant since July 2010, producing a current yield of 5.9%, however it is expected that this apartment would could re-let for £395cpm producing a yield of 6.49%.
COMMUNAL HALLWAY
With security intercom facility.
First Floor
ENTRANCE HALL
With wall mounted electric heater, intercom system, cloaks cupboard and airing cupboard housing an over sized hot water tank.
LOUNGE / DINER - 16' 2'' x 13' 5'' (4.92m x 4.09m)
With UPVc double glazed wood grain effect sliding patio doors to a Juliette balcony, wall mounted electric heater.
KITCHEN - 9' 3'' x 8' 9'' (2.82m x 2.66m)
With UPVc double glazed window to the rear aspect, work surface with inset stainless steel sink and drainer, eye and base level units, space and plumbing for washing machine, space for fridge.
BEDROOM ONE - 12' 11'' x 7' 8'' (3.93m x 2.34m) plus wardrobes
With UPVc double glazed window to the front aspect, wall mounted electric heater and built-in wardrobe with double sliding doors.
BEDROOM TWO - 9' 8'' maximum x 8' 4'' (2.94m x 2.54m)
With UPVc double glazed window to the front aspect, wall mounted electric heater.
BATHROOM - 6' 8'' x 5' 8'' (2.03m x 1.73m)
With wall mounted electrically operated towel radiator, a 3-piece white suite comprising l;ow level w.c., wash handbasin and panelled bath, integrated extractor fan and wall mounted electric fan heater.
EXTERIOR
The property is positioned within a block of several apartments surrounded by communal grounds which are mainly laid to lawn. There are communal drying areas and bin storage. Located to one side is a parking area where the property has TWO ALLOCATED PARKING SPACES
MANAGEMENT & LEASE DETAILS
The vendor has informed us that the property has a remaining lease in excess of 980 years. There is a monthly ground rent and maintenance charge of circa £75 per month.
INVESTMENT DETAILS
The property currently has good quality tenants committed to the property on a rolling contract. They currently pay £360 pcm, however this is lower than the rental valuation of £395 and is set lower to reward the tenant loyalty. Currently let at £360 pcm.£360 x 12 months = £4,320 per annum income.£4,320 divided by a property purchase price of £72,950 = 5.92% annual gross yield. If re-let at £395 per calendar month rent then on the same equation above the gross yield produced would be 6.49%
COUNCIL TAX
The property is in Council Tax Band A.Yearly figures - 2014/2015 - £954.92
Image of misc
Image of misc
Property Features :
- Modern 1st Floor Apartment
- TWO GOOD Sized Bedrooms
- Lounge & Kitchen
- Bathroom
- UPVC DG & Elec Heating