A high quality conversion of a former Grade II Listed Maltings into 54 apartments with gated car parking and residents gymnasium on the banks of the River Witham within the heart of the town centre.
An award winning development, with the conversion completed in 2007, comprising an aesthetically pleasing building with solid brick elevations, powder coated aluminium windows and doors with quality and durable materials used throughout to minimise future costs. Communal areas are also maintained to a high standard, with CCTV in operation throughout. The Property is subject to a monthly external maintenance programme.
The investment comprises the freehold interest of the whole Property which incorporates the 29 flats which have been retained and are all let on Assured Shorthold Tenancies (ASTs) together with the ground rent income of the 25 flats which have been sold.
Schedule of accommodation summary
Of the 29 unsold apartments, 3 are one beds, 23 are two beds and 3 are three beds. All the units are finished to a high standard and specification to include balconies to some, quality kitchen appliances and bathroom sanitary wear, together with exposed brick and cast iron where possible.
The Property is managed by Newton Fallowell and the Property is managed by RVM Management Ltd. The full year ending 31 December 2019 service charge account and the service charge budget for 2020 are available upon request.
Tenancy and occupation
Of the 54 apartments, 25 have been sold on long leases of 999 years. The remaining 29 are 100% let on Assured Shorthold Tenancies. Historic occupancy levels are excellent, with units letting immediately unless left vacant to sell, with an average occupancy over the last three years nearing 100%.
The freehold title LL239126 is being sold. 29 of the 54 flats remain with
the freehold and 25 are on 999 year leases from 01.06.2007 providing a current ground rent income of £1,350 per annum. Upon the disposal of the last unit the freehold transfers to the management company, RVM
We are advised that the Property is not VAT registered.
We are seeking offers in excess of £2.6million for the freehold interest
which reflects a gross initial yield of 7.57% based on the passing rent. This also represents an attractive discount to break up pricing.
Viewings & Further Information
For viewings and further information, detailed below, please contact the joint agents.
• Floor plans
• Title plans
• Schedule of accommodation and passing rents
• Sample AST
• Service charge account for year ending 31 12 2019
• Service charge budget for the year ending 31 12 2020
• Ground rent information
• Additional photography