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For Sale£395,000.00

Freehold Residential Investment Opportunity - Sunningdale, Grantham NG31 9SB

Residential , 2884 Sq Ft
Property type: Residential
Tenure: Investment Opportunity, For Sale Freehold
Size: 2884 Sq Ft
Price: £395,000.00
Location: Flat 1, 97 Sunningdale, NG31 9SB
Freehold Residential Investment Opportunity - a block of 5 residential units - producing £23,880 pax.

A block of 5 residential units laid out at first floor level constructed in 2008. The units comprise a mix of 1 and 2 bedroom apartments – 3 x 2 bedroom and 2 x 1, bedroom with each apartment having the right to park a single car within the Centre car park, which provides 21 spaces.

The ground floor retail units comprise a Costcutter convenience store, a fish and chip shop and an Indian takeaway.

The 5 units have EPC ratings ranging from D61 to D66.

The property is situated in a popular residential area known as Sunningdale, over a small retail parade anchored by a Costcutter Convenience Store. Other retailers include a fish and chip shop and hairdressers.

Grantham is a historic market town with a population of circa 38,000. It is ideally situated for access to the A1 trunk road, providing easy access to Nottingham and Peterborough and has regular train services to London King’s Cross, via the East Coast main line.

The properties have Planning Permission for their current uses as apartments, falling within Use Class C3 (Dwelling) of the Town and Country Use Classes Order 1987, as amended.

The ground floor retail units fall within use class A1 (Retail) and A5 (Hot Food Takeaway).

The property is not Listed and nor is it situated within a Conservation Area.

Each of the apartments falls within Council Tax Band A.

Our clients are disposing of their Freehold interest of the whole site including the three ground floor retail units which have been sold off on 999 year leases at peppercorn rents and the 21 space car park.

Each of the apartments is let on an Assured Shorthold Tenancy.

The total Income from the apartments is £1,990 pcm - £23,880 per year.

The ERV in our opinion is £2,175 pcm or £26,100 per year.

£395,000 reflecting an initial yield on the ERV of the flats of 6.34% net of purchaser’s standard acquisition costs.

The apartments are responsible for 44% of the service charge for the whole building, which last year equated to a figure of £2,375, to cover both external repairs and the cleaning, lighting and maintenance of the internal common areas.

VAT may be chargeable in addition to the price at the prevailing rate.

To view the premises and for any additional information please contact the sole agents.
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