The property comprises a 3 storey block of retirement apartments developed in the late 1980s. It is of load bearing masonry construction over ground and two upper floors under a pitched roof.
Bedroom The building is ‘L’ shaped with a central core and two wings providing a total of 36 one and two bedroom apartments (6 per wing). There is a single 5 person passenger lift. Externally, there are two ancillary buildings including a detached garage block for 4 vehicles and a utility building with communal lounge, as well as communal car parking.
Location
The Property is located in Bridgwater, Somerset. The town benefits from good connectivity, being located immediately to the west of the M5, accessed via Junctions 23 (north) and 24 (south) as well as a mainline railway station on the Great Western line, specifically the Reading to Taunton line, a branch of the Great Western main line. Quantock Rd A358 The population of Bridgwater has risen substantially in the past decade, driven by ongoing housing development, improved infrastructure, and a strong local economy.
This upward trend is set to continue, with the town playing a pivotal role in supporting one of the UK’s largest infrastructure projects — Hinkley Point C. Bridgwater is a historic market town positioned in the heart of Somerset, offering excellent connectivity via the M5 motorway and mainline rail services to Bristol, Exeter, and London Paddington. Over recent years, the town has experienced significant regeneration and investment, transforming it into one of the South West’s fastest-growing residential and commercial centres.
Accommodation
25,594 SQ FT (2,377 SQ M)
Terms
TENURE Aspen Court is held freehold under title number ST48506. The property is subject to a restrictive covenant under Section 52 Agreement dated 30 April 1987 concerning the age of the residents. Each apartment must be occupied by at least one person aged 55+. The site measures approximately 0.90 acres (0.36 hectares) and the title boundary is outlined in red below for indicative purposes only.
The property is multi-let with a total gross rental income of £218,492. 10 apartments have been sold off on 125 year long leases, subject to ground rents. The remaining 26 apartments are let on statutory periodic tenancies. A detailed tenancy schedule is available in the data room. The ERV is £242,625pa gross, assuming £700pcm on the 11 x 1 bed apartments, £825pcm on the 15 x 2 bed apartments, plus the ground rents.
A service charge is in operation to manage the common parts. Further information is available in the data room. The current service charge budget is £62,560, approximately £17,498 of which is recoverable from the long leaseholders.
VAT The property is not elected for VAT.
EPC ratings for the individual apartments range between C-D ratings. Copies of the certificates are available to download in the data room.
Specification
- A 36-unit purpose built residential block situated in Bridgwater, Somerset.
- Bridgwater’s population has seen exceptional growth during the period 2011-2021 of 19% compared with the UK average of 5.9%.
- Population growth driven in part by the town’s proximity to the nearby development of Hinkley Point C, one of the UK’s largest infrastructure projects.
- Aspen Court comprises 15 x 1-bed and 21 x 2-bed flats totalling approximately 25,594 sq ft GIA.
- Ancillary buildings include a detached garage block and utility building with communal lounge and laundry.
- Freehold site totalling approximately 0.9 acres.
- 10 apartments sold off long leasehold and 26 apartments let on ASTs/ periodic tenancies.
- Current gross passing rent of £218,492 (excl laundry income of c.£3,000 pa).
- Offers sought in excess of £2,150,000 reflecting a net initial yield of 9.56% based on the gross passing rent.
- This reflects an average price of around £82,700 per apartment (excluding LLH units).
- Pricing represents a significant discount to replacement cost and is underpinned by value with vacant possession.