The property comprises a substantial three storey period building with linking two storey building to the rear and a standalone bungalow. All the premises have been converted to create residential accommodation including one studio unit, 4 two bedroom flats and 10 single bedroom apartments. The main building has an attractive stone built front elevation, with the other elevations being rendered and the building has a pitched blue slate roof. The rear buildings have similar rendered walls beneath pitched slate roofs.
The accommodation was originally converted for residential use in the 1980’s and over subsequent years has been maintained in good decorative order and many of the bathrooms and kitchens have been upgraded. All the units have gas central heating with their own boilers, and most have fitted bedroom furniture. In general the space is very comfortable although it is likely that a buyer will wish to invest further monies in updating some of the accommodation to more current standards.
Outside the property includes surfaced car parks to the front and rear of the site which have parking for about 12 cars. There is a mature garden to the front of the main buildin.
Location
Barnsley is a town located in South Yorkshire approximately 10 miles to the west of Doncaster and 10 miles to the north of Rotherham. Sheffield is approximately 12 miles to the south and Leeds approximately 18 miles to the north. Barnsley is very conveniently accessed from J37 of the M1 motorway which is approximately 2 miles to the west of the town centre, as well as the A628 and A635 main arterial roads. The Metropolitan Borough of Barnsley has a population of 231,900 people (2011 UK Census).
The property is situated less than one mile to the north of Barnsley town centre within a popular and well established residential area. Victoria Crescent is located just off the A635 Huddersfield Road, and is close to Barnsley College. The property is particularly convenient for access to the town centre and also potentially benefits from strong commuting links to both Leeds and Sheffield.
Terms
We are instructed to seek a price of £425,000 subject to contract. A purchase at this level will show the buyer an initial gross return of 10.12%, increasing to 12.54% when the development is fully let.
The quoting price is equivalent to £26,500 for the single bedroom flats and £35,000 for the two bedroom flats, and £20,000 for the studio unit. Our research suggests that one and two bedroom flats in Barnsley have been selling at an average of approximately £72,000 over the last six months.
Specification
- Established residential location
- Convenient access to town centre
- Also close to Barnsley College
- Comprising 15 separate flats/studios
- Current rent roll £45,XXXa
- Total ERV when fully let £55,861 pa
- Guide price £425,000 subject to contract