MODERN BLOCK OF FOUR APARTMENTS
A superb opportunity to purchase a well-presented modern block of four apartments that was constructed in circa 2010. The block consists of 1 x 3-bedroom duplex, 2 x 2-bedroom apartments and 1 x 1-bedroom apartment arranged around a central courtyard garden. The property is currently fully-let producing approximately £48,595.44 per annum with scope to increase the annual income to circa £60,000 once the rents have been increased to market level. Alternatively, the property presents an excellent break-up opportunity whereby the flats could be sold off separately and we would anticipate resale values totalling circa £1,050,000.
DESCRIPTION -
A superb opportunity to purchase a well-presented modern block of four apartments that was constructed in circa 2010. The block consists of 1 x 3-bedroom duplex, 2 x 2-bedroom apartments and 1 x 1-bedroom apartment arranged around a central courtyard garden. The property is currently fully-let producing approximately £48,595.44 per annum with scope to increase the annual income to circa £60,000 once the rents have been increased to market level. Alternatively, the property presents an excellent break-up opportunity whereby the flats could be sold off separately and we would anticipate resale values totalling circa £1,050,000.
LOCATION -
The property is situated on Atlas Road just off St Johns Lane in Victoria Park. Easy access is provided to the nearby Victoria Park, the city centre and Bristol Temple Meads train station. The Good Ofsted rated Victoria Park Primary School is located directly opposite and a wide range of local amenities are available on North Street and Wells Road.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
FLAT 1 -
A spacious duplex apartment arranged over the first and second floors comprising an open-plan kitchen/dining/living room with access onto a private balcony, three bedrooms (master with en-suite shower room) and a bathroom. There is an additional wrap around second floor balcony/roof terrace.
FLAT 2 -
A first floor apartment comprising an open-plan kitchen/dining/living room, bedroom and bathroom.
FLAT 3 -
A spacious ground floor apartment comprising an open-plan kitchen/dining/living room with access onto a private front garden, two bedrooms, a study and a bathroom.
FLAT 4 -
A unique duplex apartment situated at the rear of the building comprising an open-plan kitchen/dining/living room, shower room and a second bedroom on the ground floor with a spiral staircase leading to the main bedroom on the first floor.
BREAK-UP VALUES -
We would anticipate the following resale values if the apartments were sold off separately on a long leasehold basis:
FLAT 1 (3-bedroom duplex): £300,000
FLAT 2 (1-bedroom apartment): £200,000
FLAT 3 (2-bedroom plus study apartment): £285,000
FLAT 4 (2-bedroom duplex): £265,000
TOTAL: £1,050,000
TENANCY INFORMATION -
All of the apartments are let on Assured Shorthold Tenancy agreements producing the rents detailed below. The rents are currently below market value and we have included our anticipated market rents in brackets.
FLAT 1: £1,189.76 pcm (£1,500 pcm)
FLAT 2: £900 pcm (£900 pcm)
FLAT 3: £1,040.50 pcm (£1,400 pcm)
FLAT 4: £919.36 pcm (£1,200 pcm)
TOTAL: £48,595.44 Per Annum (£60,000 Per Annum)
TENURE -
The property is for sale on a freehold basis, subject to the ASTs detailed above.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Ratings: C
VIEWINGS -
Strictly by appointment with Maggs & Allen.
