The property comprises a modern 5-storey block, built circa 10 years ago and comprises 18 self-contained flats (1 x 1-bed and 17 x 2-bed) arranged as a series of single level flats, duplexes and roof top penthouses. Front-facing flats generally benefit from a small recessed balcony area and the penthouses each have a private roof-top terrace.
Seven flats are maisonettes with their own front door from either Corporation Road (at ground floor) or the rear (at lower ground floor). The communal areas are accessed from Corporation Road and generally include entrance hall with meter cupboards, stairwell and passenger lift to each level.
Each property has similar configuration, with all flats being furnished and in good condition throughout including fitted kitchen with internal appliances, fitted bathrooms and intercom entry system.
To the rear of the property is a bin store and a car park providing 18 spaces.
- Penthouse and duplex apartments
- Intercom entry system
- Resident parking
- Modern décor throughout
- Passenger lift
- Roof top gardens
Location
The property is located in the coastal town of Workington, a civil parish at the mouth of the River Derwent on the west coast of Cumbria. It is bounded to the west by the Solway Firth, part of the Irish Sea, and to the east by the Lake District National Park. Workington is approximately 7 miles west of Cockermouth, 8 miles north of Whitehaven and 32 miles south-west of Carlisle.
The property prominently fronts onto Corporation Road on the edge of Workington town centre. It is situated in a mixed-use area directly opposite the Workington Town Hall Community Hub. Surrounding uses are commercial, leisure and retail, together with other established residential uses (predominantly characterised by Victorian-era terraced housing) along Corporation Road itself. All the town centre amenities are just a short walk away and both Workington Train Station and access onto the A66, which connects the town to the M6 motorway at Penrith, are under 0.5 mile to the West and East respectively.
Accommodation
Site Area - 0.17 acres (combined across both parcels of land).
Terms
Tenancy Schedule – See attached brochure for information
Guide Price - We are instructed to seek offers in the region of £1.25m.
This reflects a Net Initial Yield of 8.94%, assuming standard purchasers costs of 5.96% (and assuming the increased income is being collected). Based upon our views of ERV, this would show an attractive reversionary yield of 10.39%.
Title - The property is held long leasehold (999 years) from 11 February 2016 under registered title number CU294911. The title includes two separate parcels of land, the building itself and the car park opposite.
We understand no ground rent is payable.
Tenancies - All apartments are occupied on 6 or 12 month AST’s, with some tenants holding over due to being in occupation for several years.
Whilst we have not been provided with documented evidence, we understand that some of the rents have increased from those we have reported, which means the actual income being produced currently is £118,440 per annum. We are looking to verify this.
Services - Mains water, drainage and electric are all connected to the property.
Specification
- WELL MAINTAINED AND MODERN 5-STOREY APARTMENT BLOCK, WITHIN WORKINGTON TOWN CENTRE
- EXCELLENT CONNECTIVITY BEING CLOSE TO ALL LOCAL AMENITIES
- 18 SELF-CONTAINED FLATS
- A GOOD MIXTURE OF 1 BEDS, 2BEDS, DUPLEXES AND IMPRESSIVE PENTHOUSE APARTMENTS
- STRONG HISTORIC OCCUPANCY LEVELS
- LOW PASSING RENT OF £116,640 PER ANNUM WITH ERV OF £137,580
- PRIVATE CAR PARKING FOR 18 VEHICLES
- EXCELLENT OPPORTUNITY TO INCREASE RENTAL TONE THROUGH ACTIVE MANAGEMENT