Property Brief
Block of four apartments under a single freehold title. The building consists of 3 x one-bed apartments and 1 x three-bed duplex apartment. The property has a good-sized rear garden. 

Fully tenanted with a total rental income of £1,925 pcm or £23,100 pa. Market rent of £2,100 pcm or £25,200.

Condition Report 
The overall condition of the building appears to be good with no apparent, visible defects. Communal areas are generally in okay condition - the carpets would benefit from a deep clean.

Apartment 1 - Decor and flooring in fair condition. Some water damage to walls of bedroom and WC from a historic leak. Areas are dry and just need cosmetic attention.

Apartment 2 - Dated throughout. Likely full refurb required post tenancy however, the tenant has occupied the property for over 20 years.

Apartment 3 - Kitchen and bathroom in fair condition. Decor and carpets a little dated.

Apartment 4 - Kitchen, bathroom, general decor and flooring fair throughout.

General Information
Apt 1 (1-bed)
Size: 68 sq m
Current rent: £435 pcm
Market rent: £500 pcm
Tenancy start date: March 2020

Apt 2 (1-bed)
Size: 38 sq m
Current rent: £420 pcm
Market rent: £475 pcm
Tenancy start date: March 2012

Apt 3 (1-bed)
Size: 58 sq m
Current rent: £445 pcm
Market rent: £500 pcm
Tenancy start date: February 2007

Apt 4 (3-bed duplex)
Size: 83 sq m
Current rent: £625 pcm
Market rent: £625 pcm
Tenancy start date: N/a

Compliance
Apt 1
Electrical certificate (EICR): Test date July 2020
Gas safety certificate: Test date March 2024
EPC Rating: D (62), potential C (75)
Council Tax Band: A

Apt 2
Electrical certificate (EICR): Test date July 2020
Gas safety certificate: Test date February 2024
EPC Rating: D (66), potential C (74)
Council Tax Band: A

Apt 3
Electrical certificate (EICR): Test date September 2021
Gas safety certificate: N/a (electric heating)
EPC Rating: E (42), potential C (74)
Council Tax Band: A

Apt 4
Electrical certificate (EICR): Test date July 2020
Gas safety certificate: Test date July 2024
EPC Rating: D (66), potential C (79)
Council Tax Band: A

Comparables
First comparable is a 5-bed house of similar size to number 30 which sold for £340,000 in 2023. The second is a similar block of 4 apartments currently listed on the open market for £290,000

Figures
Estimated upfront costs:

Deposit = £65,000
Stamp duty = £16,000
Broker fee (Est.) = £695
Solicitor fee (Est.) = TBC
Ultralets fee = £4,680

Total = £86,375

Current yield is 8.9% (or 9.7% at market rent).

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To speak to our in-house Mortgage Advisor, call the office on 01482 562562 and ask to speak to Jack Newton.