Call the team on 01473 558 888 for more information
A substantial multi income stream investment producing over £100,000 per annum
Situated in the Hythe area East of Colchester town centre convenient for the station and University is this fantastic investment opportunity comprising 8 x 3 bedroom flats for student lets. The properties are within a c.1970’s built detached block of 9 flats all with double glazing, central heating and ample communal parking and held on a 125 year lease from 2007. On site management is provided by the Mansion Group and details of the ground rent, service and management charges are contained within the online Legal Pack The 3 bedrooms in each flat are let individually on a 48 week contract with 100% occupancy for 2014/2015 and, at the time of writing, all but one room confirmed for 2015/2016. The total income of £102,314 represents a gross yield of over 13.6% based on the Guide Price and therefore represents what must be a virtually unrivalled investment opportunity.
Tenure
Leasehold
Viewing
Open days
Energy Efficiency Rating (EPC)
Current Rating C
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Local Authority
Colchester Borough Council. Tel: 01206 282222
Solicitors
Drydens Fairfax, Shire House, 2 Humboldt Street, Bradford, West Yorkshire BD1 5HQ, Ref: Scott Quinn, Tel: 01274 378072
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1,200 (£1,000+ 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.