FREEHOLD RESIDENTIAL INVESTMENT - 3 x STUDENT FLATS
An attractive and substantial period semi-detached property, situated in a highly sought after location within close proximity to St Andrews Park. The property is arranged as three self contained flats (2 x three-bedroom flats and 1 x one-bedroom flat) and is currently let to students producing £61,920 per annum rising to £69,480 in July 2024. The property offers scope to reconfigure the existing flats to provide additional bedrooms and also benefits from a cellar with further potential for conversion. A rare opportunity to purchase a freehold residential investment property in this location.
DESCRIPTION -
An attractive and substantial period semi-detached property, situated in a highly sought after location within close proximity to St Andrews Park. The property is arranged as three self contained flats (2 x three-bedroom flats and 1 x one-bedroom flat) and is currently let to students producing £61,920 per annum rising to £69,480 in July 2024. The property offers scope to reconfigure the existing flats to provide additional bedrooms and also benefits from a cellar with further potential for conversion. Having been well-maintained by the current owners; the external stonework was beautifully restored in 2020, the roof was completely replaced circa 20 years ago and kitchens and bathrooms have been replaced periodically when required. There is potential to create off-street parking to the front and a large south-easterly facing garden to the rear. A superb opportunity for residential landlords.
LOCATION -
The property is situated in a highly sought-after residential location in St Andrews, popular with both students and professional tenants. Easy access is provided to St Andrews Park and a wide range of local amenities on Gloucester Road.
ACCOMMODATION & APPROXIMATE FLOOR AREAS -
FLAT A - 87 M² -
A substantial 3-bedroom flat occupying the entire ground floor of the building comprising a living room, three double bedrooms, bathroom and kitchen with direct access into the rear garden.
FLAT B - 85 M² -
A first and second floor maisonette comprising a living room, a large kitchen/diner, three double bedrooms and a shower room.
FLAT C - 39 M² -
A 1-bedroom first floor flat comprising a living room, double bedroom, kitchen and bathroom.
TENANCY DETAILS -
Each flat is let on a separate AST for the current academic year at the rental figures below. The flats have been re-let from July 2024 at the increased figures below in brackets.
FLAT A: £1,920 pcm (£2,145 pcm)
FLAT B: £1,920 pcm (£2,145 pcm)
FLAT C: £1,320 pcm (£1,500 pcm)
TOTAL: £61,020 Per Annum (£69,480 Per Annum)
TENURE -
The property is to be sold on a freehold basis, subject to the tenancies above.
WORKS COMPLETED -
The following works have been carried out during the current ownership:
Replacement roof with new concrete tiles (Approx. 20 years ago).
Further roof works to both chimneys and parapet wall.
Stonework renovation, works to front elevation (Oct 2020).
Flat C – new kitchen inc hob, oven, dishwasher & gas boiler, new bathroom (April - June 2018).
Flats A & B – new shower enclosure and shower (Aug 2022).
New carpets to communal areas and all flats (Aug 2020 - Aug 2021).
The property has been well maintained over the past 24 years with regular decoration, electrical works when and where required, full NICEIC electrical certification, Gas certification, mains wired fire alarm certification, HMO licenses for Flats A & B. The windows are UPVC double glazed and the loft is insulated.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
FLAT A: Rating - D / FLAT B: Rating - C / FLAT C: Rating - C
VIEWINGS -
Strictly by appointment with Maggs & Allen - 0117 973 4940.
