A HIGH YIELDING RESIDENTIAL INVESTMENT OPPORTUNITY FOR 3 APARTMENTS

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An opportunity to acquire a high yielding residential investment for 3 x apartments all with the benefit of allocated off street parking.

The property is located on Caledonian Road and is approximately an 8 minute walk from Caledonian Road underground station and a short walk from both Caledonian Road and Brondesbury and Highbury and Islington Stations.

The property currently comprises 3 x apartments made up of 2 x 2 beds and 1 x 1 bed extending in total area to approximately 2,179sqft NSA. The ground floor 2 bed benefits from a large garden to the rear. All apartments have an allocated parking space to the front of the property.

The apartments are fully let generating £115,200pa reflecting a gross initial yield of 8.26% at the asking price. We are advised that the 2 bedroom apartments are let to students and the living area is currently utilised as an extra bedroom.

The property was converted in 2016 from a single dwelling house into 3 apartments. We are advised that the vendor did not apply for planning permission for such works. All 3 properties have been operational since the date of conversion and are individually rated for Council Tax allowing an incoming purchaser to apply for a lawful development certificate if they wish. We advise all potential purchasers to satisfy themselves around this point prior to submitting any offer.

Asking price: £1,395,000 unconditionally reflecting a low capital value of £640psf