Property Details:
6 freehold apartments for sale with single access via 141 Princes Avenue. The building consists of 7 apartments in total, the 7th of which has access via 143 Princes Avenue. The 7th apartment is not owned by the seller and therefore not for sale.

The property also consists of unused land to the rear and additional land to the side which is currently being used as multiple car parking spaces for tenants.

5 of the 6 available apartments are tenanted and generating a healthy monthly income however, there is scope to modernise throughout and significantly increase the overall value and rents.

Total rental income including the market rent of the vacant unit is £2,915 pcm (£34,980 annually) - 10% yield!

There is currently a schedule of works being carried out by the vendor throughout the property.

Title Splits:
141 - Apartments 1, 2, 3 and 4 are on individual freehold titles whilst 5 and 6 or on a joint freehold title.

143 - Apartment 1 (7) is on an individual freehold title. This property is not for sale

Note there is a covenant stating that all communal costs for the building are split evenly between each freehold title, meaning you would have responsibility for 5/6ths of the costs incurred (1/6th of which is the responsibility of the owner of 143, Apartment 1).

Building Composition:

Flat 1
2-bed ground-floor apartment with study
Current rent: £445 pcm
Condition: No immediate works required, would benefit from modernisation.

Flat 2
1-bed ground-floor apartment
Current rent: £375 pcm
Condition: No works required, refurbed in early 2024 including internal wall insulation.

Flat 3
2-bed first-floor apartment with study
Current rent: £675 pcm
Condition: No works required, 20k refurb in 2020.

Flat 4
4-bed first-floor apartment
Current rent: £445 pcm
Condition: No immediate works required, would benefit from modernisation.

Flat 5
2-bed second-floor apartment
Market rent: £525 pcm
Condition: Vacant, in need of a full refurb.

Flat 6
2-bed second-floor apartment
Current rent: £400 pcm
Condition: No immediate works required, would benefit from modernisation.

Disclosure:
This property is owned by a company Director. Please accept this as a personal interest declaration of Ultralets- Synergy Forward Limited.

Buyer Disclaimer - https://bit.ly/3CzncNu