A new build development of 14 apartments and ground floor commercial unit.
Partially let and producing an income of circa £214,800p.a. with the opportunity to increase to £266,000p.a. once remaining vacant units are let.
The subject property comprises a newly constructed mixed-use development arranged over ground, first, second, and third floors.
The commercial unit is suitable for a variety of uses as it is currently vacant and situated on the ground floor with frontage onto Frogmoor. It is in a shell condition providing flexibility for future occupiers.
There are 14 apartments in total comprising five onebedroom and nine two-bedroom units. Eleven of these apartments benefit from private balconies, accessible from the open-plan kitchen/reception areas. The windows and balcony doors are double glazed and aluminium framed. The apartments are finished to a high specification, incorporating Howdens kitchens with Bosch appliances, and stylish bathrooms with marble effect tiles.
The development benefits from video entry system, a lift, cycle storage room, and five secure undercroft parking spaces are provided on the ground floor, accessible via a side road to the north of the property off Frogmoor.
Location
The property is located in the heart of High Wycombe, a charming and historic town in Buckinghamshire. There are retailers, leisure facilities, restaurants and public green spaces within a stones throw from the property making the area appealing to both residential and commercial occupiers.
Beyond the town are the Chiltern Hills which is an area of Outstanding Natural Beauty, offering an ideal escape from the hustle and bustle of the town.
The town is a commutable distance from Central London with rail services to Paddington available within 25 minutes. The M40 is within 2.5 miles from the property which provides access Oxford, Birmingham and to the M25. Heathrow Airport is around 22 miles from the subject (30 minutes drive).
Accommodation
The property has the following approximate gross internal area:
Apartment 1 - Ground - 1 bed - No Balcony - 602 sq ft
Apartment 2 - First - 1 bed - Balcony - 495 sq ft
Apartment 3 - First - 2 bed - Balcony - 592 sq ft
Apartment 4 - First - 2 bed - Balcony - 624 sq ft
Apartment 5 - First - 1 bed - Balcony - 548 sq ft
Apartment 6 - First - 2 bed - No Balcony - 700 sq ft
Apartment 7 - Second - 1 bed - Balcony - 495 sq ft
Apartment 8 - Second - 2 bed - Balcony - 592 sq ft
Apartment 9 - Second - 2 bed - Balcony - 624 sq ft
Apartment 10 - Second - 1 bed - Balcony - 548 sq ft
Apartment 11 - Second - 2 bed- No Balcony - 700 sq ft
Apartment 12 - Third - 2 bed - Balcony - 645 sq ft
Apartment 13 - Third - 2 bed - Balcony - 654 sq ft
Apartment 14 - Third - 2 bed - Balcony - 871 sq ft
TOTAL - 8,690 sq ft
Commercial - 610 sq ft
TOTAL - 9,300 sq ft
Terms
TENURE - The property is held under a single freehold title number BM410830.
Opportunity to sell the units off individually.
TENANCY - See attached brochure for information
EPC - The properties have the following EPC ratings:
Commercial C
Flat 1 C
Flat 2 C
Flat 3 C
Flat 4 C
Flat 5 C
Flat 6 C
Flat 7 C
Flat 8 C
Flat 9 C
Flat 10 C
Flat 11 D
Flat 12 C
Flat 13 C
Flat 14 C
PRICE - We are instructed to seek offers of £3,500,000 for the freehold interest, STC. This reflects a net initial yield of 7.06% based on the property being fully let, after allowing purchaser costs of 7.7%. The gross yield on the current income is 6%.
Specification
- Mixed use development comprising 14 brand new luxury apartments finished to a high specification.
- The development comprises five one bedroom apartments, nine two bedroom apartment and a ground floor commercial unit suitable for a variety of uses.
- Newly completed development and partially let, providing an asset management opportunity to let the remaining units and increase income.
- Current income is £214,800p.a. with market rent in the region of £266,000p.a.
- Within the heart of High Wycombe, amongst a range of amenities and less than a mile from High Wycome railway station.
- Rail services to central London within 25 minutes.
- The development features secure parking, a video entry system, a lift and balconies.
- Total floor area is 9,300 sq.ft.
- Inviting offers in the region of £3,500,000.