Mixed Investment Opportunity for Sale
Purpose Built Block Comprising Two First Floor Residential Flats and a Vacant Ground Floor Commercial Unit.
INVESTMENT CONSIDERATIONS:
Purpose built two-storey building with 2 first floor flats (1 & 2 The Brooks) and a ground floor commercial unit below (1 & 3 Deben Meadows).
Both flats are let by way of ASTs producing £15,900 per annum.
Ground floor – offices divided into 2 rooms totalling 733 sq. ft. suitable for alternative uses subject to planning permission with the benefit of a garden measuring approximately 541 sq. ft.
Long term rental growth opportunities
Located one mile north of the affluent town of Woodbridge.
LOCATION:
Melton is an attractive village, located approximately one mile to the north-east of the historic market town of Woodbridge, with an approximate population of 3,720.
From Woodbridge proceed along Melton Hill (B1438) for approximately 0.75 miles, the entrance to the Deben Meadows development will be found on the right hand side.
The property is situated at the entrance to the new Deben Meadows development which comprises 54 houses, apartments and business units, set well back from the B1438.
Nearby commercial operators include the Coach and Horses public house, Melton Produce Convenience Store, Petrol Station with Spar and Costa Express shop and FS Tyre & Service Centre. The Smithfield Industrial Estate is also home to a range of other businesses.
DESCRIPTION:
The property comprises a purpose-built, mixed residential and commercial building of brick and block cavity wall construction with part timber clad first floor elevations and part facing brick elevations, all under a pitched roof. Completed in 2021. The property benefits from a total of 4 car parking spaces.
The ground floor commercial unit is arranged as a self-contained business unit benefitting from prominent positioning, a fully glazed shop frontage, front and rear access. Internally, the unit has been finished to a shell fitted with kitchen facilities, divided into two rooms with shared WC facilities. Externally, the premises also benefits from a good sized garden (approx. 541 sq. ft.), laid to lawn.
To the side of the property is a communal entrance foyer with staircase to first floor landing which serves both flats. Each flat has an entrance hall, open plan kitchen/dining/living area and one-bedroom with ensuite bathroom. The flats also benefit from gas central heating, juliet balconies and a shared bin store.
The vacant commercial unit at ground floor creates an attractive business opportunity for either an owner occupier or investor.
ACCOMMODATION & TENANCY SCHEDULE OF FLATS:
Flat 1 – 452 sq. ft. let to a private individual holding over on an AST at £7,800pa
Flat 2 – 452 sq. ft. let to a private individual on an AST expiring 24th July 2023 at £8,100pa
TENURE:
The property is to be sold freehold.
SERVICE CHARGE:
The owner of the property will be a member of the management company which is responsible for the landscaping, road maintenance and street lighting on the estate.
It is estimated that these costs will amount to circa. £800 per annum. Please note this is an estimate only and service charge costs are subject to change in the future.
PROPOSAL:
Offers sought in the region of £450,000 (Four Hundred and Fifty Thousand Pounds) subject to contract.
ENQUIRIES:
For further information, please contact Nicholas Percival Chartered Surveyors.
T: 01206 563 222
E: info@nicholaspercival.co.uk
Ref: C5599
