Investment Opportunity, 14 New Build Flats with an Avera, Ground Rents of 24 Tenanted Flat, 6 of the 24 Flats Require Lease , Currently Applying for Planning
Bush Hill Park
Investment Opportunity14 New Build Flats with an Average Retail Value of £250,000Ground Rents of 24 Tenanted Flats & Ground Floor Commerical Units6 of the 24 Flats Require Lease ExtensionsCurrently Applying for Planning Permission for a Further 4 FlatsThis Investment Package consists of: 8 New Build Flats2 Bed 2 Bath Apartments located in the Rear Block - All of which are currently vacant. 6 New Flats on the Roof of the Existing Block 2 Bed 2 Bath Apartments with Communal Gardens - All of which are currently vacant. The current Sale Value the 14 Flats mentioned above is in between £250,000-£275,000.The current Rental Value of the 14 Flats mentioned above is in the region of £1250-£1350 per month. The Freehold further comprises of 24 tenanted flats plus the commercial units on ground floor. (Majestic Wine, Tessa Stevens Beauty Clinic, Dina's His & Hers, Peter Tyler Photographs, Fish & Chips At London Road - All have Virtual Freehold - 999 Year Leases).Ground rents of the 24 existing flats are approximately £1000 per annum. 6 of the (24) Existing Flats require a Lease Extension. Said leases have approximately 60 years left and we have been advised that the extension of each lease would be in the vicinity of £20,000. An application for planning permission for 4 extra new flats on top of the new block at the rear has been made and any offers can be subject to this.
Property reference: CP369F202_5682
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