The opportunity comprises 24 apartments arranged over ground, first and second floors and extending to approximately 10,521 sq. ft. completed in Spring 2021.
23 units provide 1-bedroom and there is one 2-bedroom unit on the first floor.
The property is gated and provides parking for 22 cars. The site extends to approximately 0.401 acres.
The flats are held long leasehold for a term of 250 years, commencing 03/08/23, with 248 years unexpired however the Freehold interest is also available.
Location
The property is located in Harrington Close, just off London Road. London Road is the main throughfare that connects Bishop’s Stortford with the surrounding towns and villages.
Bishop’s Stortford town centre is located less than 0.5 miles north of the property- providing amenities including a number of local and national retailers. The larger town of Harlow is located less than 10 miles away for further amenities.
Accommodation
Fully-let block of 24 apartments
Total - 10,521 sq. ft
Terms
PRICE - Offers invited in the region of £4,750,000 representing a NIY of 6.04% after management fees and purchasers costs of 6.58%.
OCCUPATION - We understand that the property has maintained a high level of occupancy and is currently fully-let. A tenancy schedule can be found within the data room.
The property and the block are currently professionally managed by a third party.
PLANNING - Full planning permission was granted in 2020 for Change of use from offices (Use Class B1a) to 24 residential apartments (Use Class C3) (3/20/0539/ODPN).
TENURE - The freehold title and 24 separate long leasehold titles are available. A schedule is available in the data room. Interested parties must make their own enquiries around structuring the transaction.
ASSET MANAGEMENT - Opportunities include a piecemeal break up or continued use as a residential investment.
SERVICES - Sale on behalf of Receivers, buyers should make their own enquiries regarding services. We understand that the units do not benefit from a gas supply.
EPC - All flats have an EPC rating of C.
LEGAL COSTS - Each party to be responsible for their own costs incurred in the transaction.
SALE BY JOINT RECEIVERS - The property is offered for sale on behalf of the Joint LPA Receivers (‘the Receivers’). The Receivers offer no title or collateral warranties associated with this property or transaction. The Receivers act without personal liability.
ANTI-MONEY LAUNDERING - To comply with our legal responsibilities for Anti-Money Laundering, it will be necessary for the successful bidder to provide information necessary to complete these checks before the deal is exchanged.
Information required will include:
1) Corporate structure and ownership details.
2) Identification and verification of ultimate beneficial owners.
3) Satisfactory proof of the source of funds for the Buyers/funders/lessee.
Specification
- Fully-let block of 24 apartments
- Freehold (with 24 x separate long leasehold titles)
- 10,521 sq. ft NSA
- Current gross rental income of £347,400 PA
- Current net rental income of c.£305,712 PA
- INVESTMENT HIGHLIGHTS
- OFFERS INVITED IN THE REGION OF
- £4,750,000
- 0.3 miles from Bishop’s Stortford Rail station
- Asset management potential