A rare opportunity to acquire an award-winning residential investment in the heart of Reepham

Occupying an enviable position just a few steps from the historic Market Place in the highly sought-after town of Reepham, The Old Maltings represents an exceptional opportunity to acquire a substantial residential investment of considerable quality and long-term potential. This impressive development comprises a collection of self-contained apartments and town houses, all currently let to established tenants, generating a gross annual rental income in excess of £80,000 per annum. The development has been meticulously maintained by the current owners, resulting in an attractive and well-presented investment requiring minimal immediate expenditure. Originally recognised for its outstanding design, The Old Maltings was the recipient of a prestigious design award in 1991, reflecting the quality of its conversion and sympathetic integration within the historic surroundings of Reepham. The accommodation offers a blend of character and practicality, with all units benefiting from double glazing. A number of the properties are served by an efficient communal heating system, while the remainder enjoy the convenience of individual heating installations. Beyond the strong existing income, the property offers significant opportunities for future asset management. There is clear potential to enhance rental income over time as tenancies change and are reviewed, whilst investors may also identify the prospect of increasing overall capital value through the eventual sale of individual apartments and houses, subject to any necessary legal arrangements. In addition, the development includes substantial storage rooms and workshop accommodation which may offer scope for conversion into one or possibly two additional residential dwellings, subject to obtaining all necessary planning consents. This provides an exciting opportunity to further enhance both the income and capital value of this already impressive investment. Investment opportunities of this calibre are seldom available, combining immediate income, excellent occupancy, outstanding presentation, proven tenant demand, asset management opportunities and future development potential,

Tenure

Freehold

Accommodation

Flat 1 - 2 Bed Currently Let £570 Flat 2 - 2 Bed Currently Let £575 Flat 3 - 2 Bed Currently Let £575 Flat 4 - 2 Bed Currently Let £505 Flat 5 - 2 Bed Currently Let £500 Flat 6 - 1 Bed Vacant Potential Rent £700 PCM Flat 7 - 2 Bed Vacant - Potential Rent £850 PCM Flat 8- 2 Bed Currently Let £815 Flat 9 - 1 Bed Currently Let £445 Flat 10 - 1 Bed Currently Let £ 470 Flat 11 - 2 Bed Currently Let £595 Offices and Workshops Vacant Total income currently £79,200 PA All units have parking spaces.

Energy Performance Certificate (EPC) and Council Tax Band (CTB)

Flat 1 - EPC D & CTB A Flat 2 - EPC D & CTB A Flat 3 - EPC C & CTB A Flat 4 - EPC C & CTB A Flat 5 - EPC D & CTB B Flat 6 - EPC C & CTB A Flat 7 - EPC C & CTB B Flat 8 - EPC C & CTB B Flat 9 - EPC C & CTB A Flat 10 - EPC C & CTB A Flat 11 - EPC D & CTB A

Viewings

Viewings are available by appointment only on the following dates: Tuesday 7th July Thursday 16th July To arrange the time of your viewing, please contact the Norwich office.

Energy Efficiency Rating (EPC)

Current Rating 7 x C, 4 x D

Services

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

Local Authority

Broadland District Council

Solicitors

Spire Solicitors LLP (Norwich), Ref: Tracy Guest, Tel: 01603 886221

Additional Fees

Buyer's Premium - £1200 inc VAT payable on exchange of contracts.

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.