Park Lane, Kidderminster, DY11 Block of apartments for sale

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Park Lane, Kidderminster, DY11 Block of apartments for sale

Park Lane, Kidderminster, DY11
£500,000

Our Summary

  • An interesting freehold investment opportunity in an area of town which is currently undergoing some redevelopment and regeneration, positioned between the ring road (from which there is direct access to the property) and the Staffs-Worcs Canal which separates Park Lane from the smart Weavers Wharf retail park, riverside cafe bars & restaurants, college, bus station and other town centre amenities

Description

This freehold investment property is situated in a regeneration area, between the ring road and the Staffs-Worcs Canal, with access to town center amenities. The property comprises three interconnected three-story buildings, featuring five flats and two commercial units. The flats have wooden framed double glazing and gas-fired central heating, with four currently let to long-term tenants and one vacant. The property has the potential to generate a fully let rental income of £40,000-£45,000 per annum, equivalent to an 8-9% illustrative yield. The commercial units were previously used as a launderette and dry cleaners, and there is demand locally to restart a launderette business. The property is offered for sale as a single lot, but the seller is open to splitting the site and will consider offers for the launderette premises and Flat 5 alone.
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