22, Westfield Park, Redland, BS6 6LX
UNDER OFFER, £1,400,000
- BLOCK OF FLATS - INVESTMENT / BREAKUP
- FIRST TIME ON THE MARKET SINCE 1940'S
- £68,400 INCOME PER ANNUM
- FOUR SELF CONTAINED FLATS
- PRIME INVESTMENT OPPORTUNITY
On the market for the first time since the 1940's this prime Freehold semi detached period property ( 4949 Sq Ft ) occupies a prominent corner position and is arranged as four large self contained flats.
The flats have been let for a number of years and whilst having been well maintained they would now benefit from some basic updating but offer bright and airy spacious accommodation in this highly sought after location.
FLAT 1 - BASEMENT
FLAT 2 - HALL FLOOR
FLAT 3 - FIRST FLOOR
Off Street Parking
The property is located in a picturesque tree lined road adjacent to Whiteladies Road with its wide range of shopping and entertainment facilities.
INVESTMENT / INCREASE RENTS
The block is fully let producing £68,400 per annum but there may be scope to increase these rents by updating each individual flat.
BREAK UP / REFURBISH / RESALE
The vacant value of each unit allows for a significant profit would buyers wish to undertake a luxury refurbishment and break up the block for individual sale.
We understand the renovated value of each unit is
Flat 1 £400,000 - £425,000 ( Including Garden)
Flat 2 £450,000 - £500,000
Flat 3 £425,000 -£450,000
Flat 4 £375,000 - £425,000
TOTAL £1.65m - £1.8m
Scope to convert back into a Family Home in this sought after location.
OFF STREET PARKING
There is scope for additional off street parking on the front garden area,
EXISTING TENANTS / INCOME
All flats are sold subject to the existing AST tenancies as follows;
FLAT 1 ( BASEMENT )
Start Date - 18/06/2016
FLAT 2 ( HALL FLOOR FLAT )
Start Date - 21/04/2017
FLAT 3 ( FIRST FLOOR )
Start Date - 17/09/2017
TO BE SOLD WITH VACANT POSSESSION
FLAT 4 ( TOP FLOOR )
Start Date - 24/03/2017
TOTAL £5,700 pcm / £68,400 pcm
This impressive property is located ideally for either professional and student lettings alike. The properties in terms of layout and condition are generally great for letting with separate kitchen and reception rooms. With regarded to current rental values:
Basement Flat £1650 pcm
Hall Floor Flat £1650 pcm
1st Floor Flat £1650 pcm
2nd Floor Flat £1650 pcm
£79,200 Per annum.
All properties are of an adequate letting condition and should be able to achieve the above levels without works occurring.
If you have any queries please contact Clifton Rentals on email@example.com or 0117 911 3423/07854367689