High yielding residential investment comprising six studio flats let producing £36,960 pa

A single detached block of six studio flats. Currently all are let on Assured Shorthold Tenancies and produce £3,080 pcm (£36,960 pa). It is located next to the recreation ground in a good letting area of the town, close to a range of services and amenities. The block has been well maintained by the current owners. All the flats are double glazed and enjoy bright and airy communal areas. The ground rent is £60 per flat pa. With a yield of over 10% at the guide this offers a unique opportunity for an investor looking for a high yielding secure long term income.

Tenure

Leasehold. 120 year from 23rd November 1983

Rent Schedule

67: £550 pcm, £6,600 pa 69: £455 pcm, £5,460 pa 71: £550 pcm, £6,600 pa 73: £450 pcm, £5,400 pa 75: £525 pcm, £6,300 pa 77: £550 pcm, £6,600 pa Total rent: £36,960 pa All are now periodic tenancies. except for 77 which will be periodic from 22nd May 2024.

Description

Each apartment has similar room dimensions and comprises: Accommodation: reception room / bedroom, kitchen, dressing room, shower room

Outside

Communal gardens to three sides which are laid to lawn and off road parking for each apartment

Energy Efficiency Rating (EPC)

Current Rating D & E

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

South Norfolk Council

Solicitors

Leathes Prior (The Close), Ref: Lily Beel, Tel: 01603 281185

Offered in association with

Warners

Additional Fees

Buyer's Premium - £900 inc VAT payable on exchange of contracts.

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.