High yielding residential investment comprising six studio flats let producing £39,000 pa

A single detached block of six studio flats. Currently all are let on assured shorthold tenancies and produce £3,250 pcm (£39,000 pa). It is located next to the recreation ground in a good letting area of the town, close to a range of services and amenities. The block has been well maintained by the current owners. All the flats are double glazed and enjoy bright and airy communal areas. The ground rent is £60 per flat pa. With a yield of over 10% at the guide this offers a unique opportunity for an investor looking for a high yielding secure long term income.

Tenure

Leasehold. 120 years from 23rd November 1983

Rent Schedule

67: £600 pcm, £7,200 pa 69: £485 pcm, £5,820 pa 71: £575 pcm, £6,900 pa 73: £485 pcm, £5,820 pa 75: £555 pcm, £6,660 pa 77: £550 pcm, £6,600 pa Total rent: £39,000 pa

Description

Each apartment has similar room dimensions and comprises: Accommodation: Reception room / bedroom, kitchen, dressing room, shower room

Outside

Communal gardens to three sides which are laid to lawn and off road parking for each apartment

Lease Details

Length of Lease: 120 years from 23.11.1983. 77 years unexpired Annual Ground Rent: £360.00 Ground Rent Review: TBC Annual Service Charge: TBC Service charge review period: TBC

Council Tax Band

A

Energy Efficiency Rating (EPC)

Current Rating D & E

Services

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

Local Authority

South Norfolk Council

Solicitors

Norton Peskett (Great Yarmouth), Ref: Matthew Breeze, Tel: 01493 849225

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.