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8 bed flat
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Our Summary
- Long-standing tenants providing A stable income stream with scope to increase below-market rents
- Approximately 300 sq M rear plot offering exciting development potential subject to planning permission
- Outstanding investment opportunity combining immediate income, future rental growth, and added value potential
- Long standing tenants providing a stable income stream with scope to increase below market rents
- EXCEPTIONAL FREEHOLD INVESTMENT OPPORTUNITY COMPRISING FIVE SELF-CONTAINED FLATS WITH AN ESTABLISHED RENTAL INCOME, LONG-STANDING TENANTS, POTENTIAL TO INCREASE RETURNS, AND A GENEROUS REAR PLOT OFFERING FUTURE DEVELOPMENT POSSIBILITIES SUBJECT TO PLANNING
- A fantastic opportunity to acquire a freehold block of five self-contained flats on Coltman Street, Hull, offering an established rental income of £29,700 per annum and excellent long-term investment potential
- Several of the current rents are considered to be below market value, offering scope for future rental growth
- The site offers potential for future development, subject to obtaining the necessary planning permissions
- This is an excellent opportunity for investors seeking an income-producing asset with strong existing yields, long-standing tenants, potential to increase rental returns, and the added benefit of valuable development land to the rear
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Description
The property is a freehold block of five self-contained flats located on Coltman Street in Hull. It comprises two 2-bedroom flats, two 1-bedroom flats, and one 3-bedroom flat, all with individual gas and electricity meters, secure intercom entry systems, and double-glazed windows. The flats have undergone various improvements, including new roofs, guttering, and repainting, as well as replacement gas boilers in three of the flats.
A communal fire alarm system is in place, and all flats received updated electrical inspections in May. A standout feature is the separate 300 square meter rear plot of land, which offers potential for future development, subject to planning permissions.