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10 bedroom block of apartments for sale
Borough Road, Ilfracombe, EX34
£1,000,000
Borough Road, Ilfracombe, EX34
£1,000,000
Our Summary
- EXCLUSIVE VIEWINGS DAY: SATURDAY 21st DECEMBER (BY APPOINTMENT ONLY) A RARE INVESTMENT OPPORTUNITY WITH CRESTS ESTATESBLOCK OF APARTMENTS (3 COMMERCIAL AND 7 RESIDENTIAL FLATS)1 & 2 Borough Road offers an exceptional and rare investment opportunity in the heart of the vibrant coastal town of Ilfracombe
- Exceptional Investment Potential:This property offers substanial capital growth potenital benifiting from 10 units in total, with the possibility to extend and create up to 18 units, offering significant value enhancement
- This freehold property has the potential to increase the yield northwards of 10% through the convertion of the commercial units into residential flats
- This is a once-in-a-lifetime opportunity to acquire a property with fantastic rental returns, considerable scope for capital appreciation, and the chance to maximise the asset's potential through future conversion and development
Description
This exclusive property offers a rare investment opportunity in the heart of Ilfracombe, a vibrant coastal town in North Devon. The property comprises 3 commercial units and 7 residential flats, providing a perfect blend of immediate rental income and significant long-term growth potential. Situated just moments from the harbour, beaches, and scenic coastal paths, the property boasts stunning views of the rugged cliffs and the Atlantic Ocean. With a current rental income of nearly £90,000, delivering an 8% yield, the property has the potential to increase the yield northwards of 10% through the conversion of commercial units into residential flats. The commercial units are currently let on long-term tenancies, with a break clause in 18 months. This is a once-in-a-lifetime opportunity to acquire a property with fantastic rental returns, considerable scope for capital appreciation, and the chance to maximise the asset's potential through future conversion and development.