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AGENT'S DETAILS


Freehold Block of Five Apartment Stunning Development

For sale: £900,000.00

PROPERTY DETAILS

FOR SALE£900,000.00
ADDRESS45 Citadel Road, Plymouth, Devon, PL1 3AU
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON3rd July 2020

DESCRIPTION

45 Citadel Road is located on a prominent road in Plymouth close to the many tourist spots and City centre and is currently being developed in 5 luxury apartments by a renowned local developer (bio available on request). The property will comprise of 5 flats with the basement and ground floor being spacious 2-bed apartments and then 3 large 1-bed apartments on the floors above. The planning number is 19/01858/FUL.

The properties have been earmarked as ideal short-term rentals for contractors (off-peak) and tourists and there is an expectation that an income of £125,455 can be generated PA which equates to yield of 13.9% gross.

As standard BTL properties, we envisage an income of £54,600 PA which equates to a yield of 6% +.

The accommodation in brief comprises;

Basement 2-bed apartment - expected income £27,935 PA as a holiday let or £12,000 PA as a single let

Ground Floor 2-bed apartment - expected income £27,935 PA as a holiday let or £12,000 PA as a single let

First Floor 1-bed apartment - expected income £23,195 PA as a holiday let or £10,200 PA as a single let

Second Floor 1-bed apartment - expected income £23,195 PA as a holiday let or £10,200 PA as a single let

Third Floor 1-bed apartment - expected income £23,195 PA as a holiday let or £10,200 PA as a single let

Expected Costs & Net Income (before lending costs and tax)

Basement 2-bed apartment - expected costs £8,900.25 PA and £19,034.75 Net

Ground Floor 2-bed apartment - expected costs £8,900.25 PA and £19,034.75 Net

First Floor 1-bed apartment - expected costs £7,359.25 PA and £15,835.75 Net

Second Floor 1-bed apartment - expected costs £7,359.25 PA and £15,835.75 Net

Third Floor 1-bed apartment - expected costs £7,359.25 PA and £15,835.75 Net

Total - Income £125,455 PA / Outgoings £39,878 PA / Net £85,577 PA

All of these estimates are based on room rates and occupancy rates that is currently being achieved in comparable blocks owned and developed by the same developer. We have a full breakdown available on request.

Income
Expected Income, Costs & Net Income (before lending costs and tax)

Basement 2-bed apartment - expected income £27,935 PA / costs £8,900.25 PA and £19,034.75 Net

Ground Floor 2-bed apartment - expected income £27,935 PA / costs £8,900.25 PA and £19,034.75 Net

First Floor 1-bed apartment - expected income £23,195 PA / costs £7,359.25 PA and £15,835.75 Net

Second Floor 1-bed apartment - expected income £23,195 PA / costs £7,359.25 PA and £15,835.75 Net

Third Floor 1-bed apartment - expected income £23,195 PA / costs £7,359.25 PA and £15,835.75 Net

Total - Income £125,455 PA / Outgoings £39,878 PA / Net £85,577 PA

Features
Freehold Block

Former Chamber of Commerce

Striking Building and Development

Completion Expected Winter 2020

Sold Fully Furnished

Respected Local Developer

Management Agent in Place for Holiday Lets

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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