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AGENT'S DETAILS


Two Freehold Blocks in Plymouth - High Quality New Developments

For sale: POA|House, Residential

PROPERTY DETAILS

FOR SALEPOA
ADDRESS45 Citadel Road, Plymouth, Devon, PL1 3AU
TYPEHouse, Residential
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON3rd July 2020

DESCRIPTION

Two Freehold Blocks , Prominent Location, Plymouth, Devon, PL1 3AU

The Property Advantage have been asked to broker these two new developments in Plymouth, within walking distance to The Hoe and the main tourist attractions. The properties themselves are two prominent freehold blocks, 45 Citadel Road (a former grand family residence) and 22 Lockyer Street (former Chamber of Commerce) which are undergoing works to create 5 unit block respectively.

The current owner and developer has been producing high-quality accommodation in Plymouth and the surrounding area for a number of years and can also provide a full 'turn-key' solution on the properties including furnishing and ongoing rental management.

We have a detailed breakdown of expected income and expenditure outlining revenue of £267,000 PA across both properties, with £83,948 in direct costs(excluding tax and lending costs).

If the properties were rented out on standard ASTs (which there would also be high demand for), we expect the income across both properties to be £112,800 PA.

45 Citadel Road - £900,000

Serviced Accommodation - Expected Income £125,000 / Expected Costs £39,878 PA

ASTs - Expected Income £54,600 / Expected Costs £10,128 PA

22 Lockyer Street - £1,000,000

Serviced Accommodation - Expected Income £142,000 / Expected Costs £44,070 PA

ASTs - Expected Income £58,200 / Expected Costs £10,776 PA

Please ask our team for full breakdowns on both properties

Income
45 Citadel Road - £900,000

Serviced Accommodation - Expected Income £125,000 / Expected Costs £39,878 PA

ASTs - Expected Income £54,600 / Expected Costs £10,128 PA

22 Lockyer Street - £1,000,000

Serviced Accommodation - Expected Income £142,000 / Expected Costs £44,070 PA

ASTs - Expected Income £58,200 / Expected Costs £10,776 PA

Please ask our team for full breakdowns on both properties

Features
Two Freehold Blocks

10 Apartments in Total

Currently Being Developed

Experienced Local Developer

Ideal Short-Term Rental Investments

High Quality Finish

6% Yield as BTLs & 14% Gross Yield as Short Term Lets (potential)

2% + Vat Buyer's Fee

LOCATION

Location: 45 Citadel Road, Plymouth, Devon, PL1 3AU

Plymouth (0.8 miles)

Devonport (1.3 miles)

Dockyard (1.6 miles)

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