Opportunity to acquire a freehold residential investment comprising 12 apartments within a converted chapel.
The property is set within grounds extending to approximately 0.22 acres and comprises a converted chapel which provides 12 self-contained apartments. The property was completed in 2018.
The 12 apartments comprise 2 x 1 beds, 9 x 2 beds & 1 x 3 bed arranged across ground and three upper floors, extending to a total area of approximately 7,065 sq ft NSA.
11 of the units are currently let on ASTs, generating a combined passing rent of £93,180 per annum.
The vendor has not increased the rents since he converted the property and as such the property is significantly under-rented. We are of the opinion that the 12 apartments have an ERV of approximately £125,400 per annum, reflecting an initial yield of 8.36% at the asking price.
The apartments benefit from a lift, electric gated parking, video intercom entrance and 24-hour CCTV.
The property does not currently benefit from block management, providing the opportunity to add value if included.
Apartments 1-10 have 1 parking space each with apartments 11 & 12 having 2 spaces each. There are 23 parking spaces in total.
Location
The property is located within a 10 minute of Oakengates railway station, providing direct services into Birmingham New Street in approximately 50 minutes.
The property is located within close proximity of Oakengates High Street
Accommodation
Total area of approximately 7,065 sq ft NSA.
Terms
Tenure - Freehold
Price on Application