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6 bedroom town house for sale
Waverley Terrace, Ramsey, Isle Of Man
£325,000
Waverley Terrace, Ramsey, Isle Of Man
£325,000
Our Summary
- An excellent opportunity for investors to acquire the freehold of a converted Victorian property creating four flats that has recently undergone £50k investment of structural improvements including replacement steel beams, lintels, windows, guttering and roof tiles, treatment of dry rot and repairs to the chimney stack
- Internally the building is ready to be modernised, and there is an opportunity, subject to obtaining the relevant planning consent to split one apartment into two to create a fifth unitThree of the four flats are fully let to long term tenants, ensuring that any internal improvement works can be carried out in phases, starting with the vacant flat
- Summary - An excellent opportunity for investors to acquire the freehold of a converted Victorian property creating four flats that has recently undergone £50k investment of significant structural improvements including replacement steel beams, lintels, windows, guttering and roof tiles, treatment of dry rot and repairs to the chimney stack
- Additional Information - - Recent Substantial Structural Improvements Undertaken, both internally and externally- Details of works carried out available for inspection- Flat 1 - a vacant and spacious 2 Bed Duplex flat requires improvement works
- Potential to convert to two flats,- Flat 2 - 1 bed let at £600pcm- Flat 3 - 1 bed let at £425pcm- Flat 4 - 1 bed let at £500pcmDirections - From Parliament Square, travelling in the direction of the Mountain Road, take a left turning onto the A2 prior to Ramsey bus station
Description
This converted Victorian property offers a rare opportunity for investors to acquire the freehold of a four-flat property that has recently undergone significant structural improvements, including replacement steel beams, lintels, windows, guttering, and roof tiles, at a cost of £50,000. The property is currently let to three long-term tenants, with the fourth flat remaining vacant, allowing for phased improvement works to be carried out. Additionally, there is potential to split one apartment into two, subject to obtaining planning consent, creating a fifth unit. The vendor is open to selling each unit on a leasehold basis, offering a proportionate share of the freehold through part ownership of a management company. The property presents a blank canvas for modernization and refurbishment, with the opportunity to convert the vacant flat into two separate units.