Price £525,000

Description

The freehold, mid-terraced, two-storey and pavement lined buildings have been converted to 5 apartments. In addition, there is a two-storey rear brick building that - STPP - lends itself to further residential conversion (x2 one-bedroom apartments). Planning was granted for the same but has now expired due to non-implementation. Also to the rear of the property is space for the parking of approximately 2 vehicles.

It is felt there is potential for rental increase by active management, although the passing rent is as follows:

- 49a Princess Street – ground floor | 1 bedroom | £5,400 pa.
- 49b Princess Street – first floor | 1 bedroom | £9,000 pa.
- 51a Princess Street – ground floor | large studio | £9,000 pa.
- 51b Princess Street – first floor | 2 bedroom | £11,100 pa.
- 51c Princess Street – ground floor | large studio | £8,400 pa.

The total rent roll = £42,900 per annum. All tenants pay their own council tax and utilities apart from 51a/b/c where gas and water is included within their rental.

Terms

We believe the market value for this asset is circa £600,000. However, our client seeks a quick sale so we are instructed to obtain £525,000 - representative of a gross yield of 8.17% on the existing income.

VAT

We are advised by our client that the property is not elected for VAT.

Legal Costs

Each party is to bear its own costs incurred.