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Agent's details

Braintree - Freehold Residential Block Investment

For sale: £1,500,000.00|4,703 Sq Ft|Residential

Property details

FOR SALE£1,500,000.00
SIZE4,703 Sq Ft
ADDRESSPound End Mill, South Street, Braintree, Witham, Essex CM7 3QD
TYPEResidential
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON25th May 2021

Description

Investment Consideration:
OIEO: £1,500,000
Gross Initial Yield: 4.76%
Rental Income: £71,400 p.a.
Fully tenanted
Comprises a three storey Grade II listed building, recently converted to a high standard providing 4 x 1-Bed and 4 x 2-Bed apartments.
Total area size: 437 sq m (4,703 sq ft)
Within 5 minute walk to Braintree Train Station and Braintree High Street

Property Description:
The property comprises a prominent Grade II listed residential block including 4 x 2-Bedroom and 4 x 1-Bedroom Apartments. The building was first built as a textile mill in 1813 and later used as a warehouse, before being converted to a residential block in 2019.
The property provides the following accommodation and dimensions:
Lower Ground Floor: 122 sq m (1,312 sq ft)
Flat 1 - Open plan kitchen/living room, 2 Bedrooms, Bathroom/WC
Flat 2 - Open plan kitchen/living room, 2 Bedrooms, Bathroom/WC
Ground Floor: 148 sq m (1,593 sq ft)
Flat 3 - Open plan kitchen/living room, 2 Bedrooms, Bathroom/WC
Flat 4 - Open plan kitchen/living room, 1 Bedroom, Bathroom/WC
Flat 5 - Open plan kitchen/living room, 1 Bedroom, Bathroom/WC
First Floor: 167 sq m (1,798 sq ft)
Flat 6 - Open plan kitchen/living room, 2 Bedrooms, Bathroom/WC
Flat 7 - Open plan kitchen/living room, 1 Bedroom, Bathroom/WC
Flat 8 - Open plan kitchen/living room, 1 Bedroom, Bathroom/WC
Total area size: 437 sq m (4,703 sq ft)

Tenancy:
Flat 1 is at present let on AST to an Individual for a term of 6 Months from 17th November 2020 at a current rent of £9,600 per annum.
Flat 2 is at present let on AST to an Individual for a term of 6 Months from 10th April 2020 at a current rent of £9,000 per annum.
Flat 3 is at present let on AST to an Individual for a term of 6 Months from 31st October 2020 at a current rent of £9,600 per annum.
Flat 4 is at present let on AST to an Individual for a term of 6 Months from 30th January 2021 at a current rent of £8,100 per annum.
Flat 5 is at present let on AST to an Individual for a term of 6 Months from 4th November 2020 at a current rent of £8,100 per annum.
Flat 6 is at present let on AST to an Individual for a term of 6 Months from 4th November 2020 at a current rent of £9,900 per annum.
Flat 7 is at present let on AST to an Individual for a term of 6 Months from 7th April 2021 at a current rent of £8,400 per annum.
Flat 8 is at present let on AST to an Individual for a term of 6 Months from 5th February 2021 at a current rent of £8,700 per annum.

Location:
Braintree is a town in Essex, England. The principal settlement of Braintree District, it is located 10 miles (16 kilometres) northeast of Chelmsford and 15 mi (24 km) west of Colchester. The town is bypassed by the modern-day A120 and A131 roads, while trains serve two stations in the town, at the end of the Braintree Branch Line. The property is conveniently located within 5 minute walk to Braintree Train Station and 5 minute walk to the High Street which occupies retailers such as Post Office, Tesco, Costa, Halifax, Natwest and many more.

Location

marker
Location: Pound End Mill, South Street, Braintree, Witham, Essex CM7 3QD

Braintree (0.2 miles)

Braintree Freeport (0.9 miles)

Cressing (2.1 miles)

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