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Block of apartments for sale
The Old Forge, 33 St Peters Street
£1,400,000
The Old Forge, 33 St Peters Street
£1,400,000
Our Summary
- Investment Opportunity - £1,400,000 for the Freehold Interest We are pleased to present this well-maintained residential development consisting of two purpose-built blocks, offering a prime investment opportunity
- There is also planning permission granted to extend Flats 1 and 2 (rear block) by 1
- 8m, providing an opportunity for further development should the buyer wish to do so
- The current owner has enjoyed 9 years of consistent, high-yield income, with all flats under AST agreements, producing a strong rental return of £79,000 per annum, with the potential to increase this to £90,000 per annum
- Current Income and Tenancy Details: Flat 1 – £10,500 PA – long-term tenant (market rent: £15,600) Flat 2 – £15,600 PA – tenancy ends January 2025 Flat 3 – £11,700 PA – under-let Flat 4 – £13,800 PA – market rent (since June 2023) Flat 5 – £13,800 PA – under-let Flat 6 – £13,800 PA – under-let Estimated Market Value (per unit): Flat 1 – £240,000 Flat 2 – £240,000 Flat 3 – £240,000 Flat 4 – £245,000 Flat 5 – £245,000 Flat 6 – £255,000 All flats have a current BLP 10 year Building Warranty: Flats 1-2 expire on the 24th November 2024 Flats 3-6 expire on the 30th October 2025 All Flats have an EPC of C Total estimated market value: £1,465,000 Asking price for the entire freehold: £1,400,000 This development presents a unique opportunity for investors seeking a reliable income stream with potential for rental growth and long-term capital appreciation
Description
This investment opportunity presents a well-maintained residential development consisting of two blocks with a total of six 1-bedroom flats, each with parking spaces. The property has a proven track record of consistent, high-yield income, with all flats currently under AST agreements, producing a strong rental return of £79,000 per annum. The current owner has enjoyed 9 years of rental income, with the potential to increase this to £90,000 per annum. The property also benefits from planning permission to extend two of the flats, providing an opportunity for further development. With an estimated market value of £1,465,000, the asking price of £1,400,000 represents a significant opportunity for investors seeking a reliable income stream with potential for rental growth and long-term capital appreciation.