Residential investment property - 6 flats

A freehold residential investment property situated on the corner of Myddleton Street and Orfeur Street, Carlisle within easy walking distance of City centre and Cumbria University Fusehill Street campus. The property comprises 6 separate flats offering an excellent income stream, producing a gross yield in excess of 16% when fully let. The buyer will receive an immediate income of £23,940 pa from Flats 1,2,3,5 and 1 Orfeur Street. On the re-let of Flat 4 in the short term, income rises to £29,340 (see Note below). Behind the property lies a large self-contained yard and 2x brick built outbuildings, with a further yard with more outbuildings with potential, adjacent to the 1 Orfeur St flat. The corner property, which also has a ground floor storage room (11’6 x 10’10), and the six Flats offer an excellent, current income stream and to invest at a time when one-bedroom flats are in increasingly short supply. The property has been let continuously for 20 years by the same owners, who are selling to retire. Note Currently vacant Flat 4 was occupied until recently continuously by the same tenant for 17 years. Resident tenancies at property have tended to be long-term. The other five tenants currently in situ being resident for c10 years, c9years, 4 years (x2) and 3 years.

Tenure

See Legal Pack

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Flat 1 - let at £415 per month

Sitting Room - 13'3 x 12' Kitchen - 12' x 6'3 Bedroom - 9'9 x 7'9 Shower Room 7'3 x 2'6

Flat 2 - let at £375 per month

Sitting Room - 10'6 x 10' Kitchen - 8'6 x 7'9 Bedroom - 8'6 x 7' Shower Room - 7'6 x 3'3

Flat 3 - let at £395 per month

Hall Sitting Room - 13'9 x 13'6 Kitchen - 9'6 x 7'3 Bedroom - 13'9 max x 7'6 Shower Room - 7'9 x 2'9

Flat 4 - currently vacant

Hall Sitting Room - 14'3 x 12'6 Kitchen - 10'3 x 10'3 Bedroom - 8'6 x 8'3 Shower Room - 6' x 5'3

Flat 5 - let at £415 per month

Hall Sitting Room - 15' x 12'9 Kitchen - 8' x 7'9 Bedroom - 14' x 11' Shower Room

1. Orfeur Street - let at £395 per month

Hall Sitting Room - 15' x 13'9 Kitchen - 8' x 7'9 Bedroom - 14' x 11'6 Shower Room - 6' x 5'6

Outside

Low walled front garden/courtyard. Two rear yards with outbuildings and side pedestrian access via gated lane - see title plan.

Energy Efficiency Rating (EPC)

Current Rating DDEDED

Services

Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.

Local Authority

Carlisle City Council

Solicitors

Copleys Solicitors, Ref: Mark Woolsey, Tel: 01480 456191

Offered in association with

Tiffen & Co

Additional Fees

Administration Charge - £1200 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.