Investment Consideration:
Gross Initial Yield: 7.14%
Rental Income: £28,200 p.a.
VAT is NOT applicable to this property
Comprises portfolio of 3 residential flats
Total area size of 246 sq m (2,648 sq ft)
Town centre location within short walk to Clacton Pier with occupiers nearby including Restaurants, Bars, Pharmacy, Hotels and many more.
Property Description:
The property comprises portfolio of 3 residential flats, providing the following accommodation and dimensions:
Ground Floor:
Flat 3 - 85 sq m (915 sq ft)
3 Bedrooms, Kitchen, Living Room, Bathroom
Second Floor
Flat 10 - 80 sq m (861 sq ft)
3 Bedrooms, Kitchen, Living Room, Bathroom
Flat 11 - 81 sq m (872 sq ft)
3 Bedrooms, Kitchen, Living Room, Bathroom
Tenancy:
Flat 3 is at present let on AST to an Individual for a term of 12 months from 19th December 2021 at a current rent of £9,300 p.a. Deposit held of £894.
Flat 10 is at present let on AST to an Individual for a term of 12 months from 17th January 2020 at a current rent of £9,600. Deposit held of £800.
Flat 11 is at present let on AST to an Individual for a term of 24 months from 12th February 2022 at a current rent of £9,300. Deposit held of £894.
Tenure:
Flat 3 is held on a 150 year lease from 25th March 2020 at a ground rent of £75 p.a. Service charge £900 p.a. Reversion 2170.
Flat 10 is held on a 155 year lease from 12th April 2011 at a ground rent of peppercorn. Service charge £900 p.a. Reversion 2166.
Flat 11 is held on a 150 year lease from 25th March 2020 at a ground rent of £75 p.a. Service charge £900 p.a. Reversion 2170.
Location:
Clacton-on-Sea is the largest town in the Tendring peninsula and district in Essex, eastern England. The town is served by Clacton-on-Sea railway station (90 minutes to London Liverpool Street station). The town also benefits from its own airport. Clacton has a pleasure pier, arcades, a golf course, caravan parks and an airfield. The town and its beaches are still popular with tourists in the summer and there is an annual entertainment programme including the Clacton Carnival and Clacton Air show. The property is located in the town centre within short walk to Clacton Pier with occupiers nearby including Restaurants, Bars, Pharmacy, Hotels and many more.
