This substantial block of flats offers a promising investment opportunity, situated in a desirable town location with individual entrances for each unit. The property features high Victorian ceilings and significant period details that enhance its character. Currently, all flats are tenanted, providing immediate rental income with the potential for increases, especially as some tenants have established long-term relationships with the property.
With strategic renovations, including the option to subdivide titles and create leasehold arrangements for each flat, there's considerable scope to maximize rental yields. Additionally, the expansive dry basement presents an opportunity for conversion into two additional flats, further boosting income potential.
The current composition includes:
- Flat 1: 2 bedrooms generating £1,000.
- Flat 2: A shared accommodation with 3 bedrooms achieving £435; two rooms are vacant, potentially increasing total rent to £1,305.
- Flat 3: A spacious 2-bedroom unit currently at £290 with a potential upgrade to £570.
- Flat 4: A large 3-bedroom flat at £530 that could rise to £950.
- Flat 5: Another 2-bedroom flat earning £290 with possibilities of reaching £950.
Overall, there's a projected annual income of around £57,300 reflecting a significant yield of approximately 14%. While the building is well-maintained and retains many original features like shutters and sash windows, some units require modernization to reach their full rental potential.
