Description

This modern, well-presented residential development comprises seven self-contained apartments, offering a mix of one, two, and three-bedroom units, each benefiting from private outdoor space, including gardens, balconies, or terraces.

Constructed within the last decade, the building features a combination of concrete and timber frame construction, finished with coloured render and matching aluminium windows. Internally, each apartment is finished to a high modern standard, with fitted kitchens and bathrooms, gas-fired central heating systems, and a mix of carpet, wood veneer, or tiled flooring.

This presents a rare and secure residential investment opportunity, offering strong rental demand in a highly sought-after location.

Key Features

• Seven self-contained apartments with one, two, or three bedrooms
• Private outdoor spaces including gardens, balconies, or terraces
• Modern construction and high-specification interiors
• Rare and secure residential investment opportunity
• Fully let and income producing - £116,040 per annum

Accommodation

Ground, First, Second, and Third Floors: 4,580 sq ft (425.50 m²)

The six apartments are accessed via a main entrance on Pope’s Folly, leading to a shared commonway, while Apartment 2A (The Gatehouse) benefits from its own private entrance.

Additionally, there are three designated car parking spaces located in front of the main building, facing Freehold Terrace.

Two separate garages are also available for purchase.

Ground Floor

Apartment 1 (GIA: 512 sq ft / 47.53 m2) - features an entrance hall leading to a bathroom with a bath and overhead shower, a wash hand basin set on a base unit, a WC, and a heated towel rail. The bedroom has direct access to a patio, while the open-plan living room and kitchen benefit from a modern fitted kitchen and a Worcester gas-fired boiler. Outside, there is a side patio and a small garden area.

Apartment 2 (GIA: 602 sq ft / 55.94 m2) - includes an entrance hall opening into a spacious living room and kitchen with a modern fitted design and a Worcester gas-fired boiler. The property comprises two bedrooms, with the second bedroom providing direct access to a small external balcony. The bathroom features a bath with an overhead shower, a wash hand basin on a base unit, a WC, and a heated towel rail. 

First Floor

Apartment 3 (GIA: 530 sq ft / 49.2 m2) - has an entrance hall leading to a bathroom with a bath and overhead shower, a wash hand basin on a base unit, a WC, and a heated towel rail. The bedroom offers access to a small balcony, and the open-plan living room and kitchen include a modern fitted kitchen and a Worcester gas-fired boiler.

Apartment 4 (GIA: 596 sq ft / 55.41 m2) - is accessed via an entrance hall leading to a bright living room and kitchen with a modern fitted kitchen and a Worcester gas-fired boiler. The apartment offers two bedrooms, with the first bedroom providing access to a small external balcony. The bathroom is fitted with a bath and overhead shower, a wash hand basin on a base unit, a WC, and a heated towel rail.

Second Floor

Apartment 5 (GIA: 530 sq ft / 49.2 m2) - consists of an entrance hall leading to a bathroom with a bath and overhead shower, a wash hand basin on a base unit, a WC, and a heated towel rail. The bedroom has access to a small balcony, while the open-plan living room and kitchen feature a modern fitted kitchen and a Worcester gas-fired boiler.

Apartment 6 (GIA: 1,018 sq ft / 94.56 m2) - is a second and third-floor maisonette. On the second floor, the entrance hall leads to three bedrooms, with the first and third bedrooms having patio doors opening onto balconies. The bathroom is fitted with a bath and overhead shower, a wash hand basin on a base unit, a WC, and a heated towel rail. The third floor comprises a spacious living room and kitchen with stairs leading down to the second floor and a step-up to patio doors opening onto a south-facing terrace.

Apartment 2A (The Gatehouse)

(GIA: 792 sq ft / 73.61 m2) - This self-contained property has a separate external entrance. The ground floor features an entrance hallway with stairs leading to the first floor, an open-plan living room and kitchen area, and a utility/cloakroom. On the first floor, the landing includes an airing cupboard and leads to two bedrooms and a bathroom, which is fitted with a bath and overhead shower, a wash hand basin on a base unit, a WC, and a heated towel rail.

Tenancy Information 

We have been informed that the following Assured Shorthold Tenancies (ASTs) are currently in place.

Apartment 1: Rent - £1,200 pcm.

Apartment 2: Rent - £1,300 pcm.

Apartment 2a: Rent - £1,480 pcm.

Apartment 3: Rent - £1,050 pcm.

Apartment 4: Rent - £1,300 pcm.

Apartment 5: Rent - £1,240 pcm.

Apartment 6: Rent - £2,100 pcm.

Total Rental Income: £9,670 per calendar month, which equates to £116,040 per annum, before the deduction of any management costs.

Terms of Sale

We have been instructed to offer the freehold interest for £1,650,000 (one million, six hundred and fifty thousand pounds), subject to existing tenancies and rental income. At this purchase level, the investment would generate a Gross Initial Yield of approximately 7.03%.

The two adjacent garages are available for purchase at a combined price of £50,000 (fifty thousand pounds).

Business Rates

Each residential unit has a separate Council Tax assessment, falling within bands B to C.

VAT

VAT is not payable on the terms quoted.

Legal & Professional Fees

Each party shall be responsible for their own legal and professional fees incurred.

Viewing Arrangements

Strictly via prior appointment through vendor agents Graves Jenkins (t: 01273 701070).