Investment Property for sale

Flats 1 to 7, West Point, 1 Vernon Square, Ryde PO33 2JQ, UK


OIRO
£640,000
S.O.A.

Description

A rare opportunity to acquire an unbroken Freehold block of 7 apartments, all let on Assured Shorthold tenancies. The large imposing semi-detached period building including annexe was successfully converted in 1990 / 1991 to provide x 3 one bedroom apartment and x 4 two bedroom apartments. The building provides 8 off road parking spaces over x2 separate car parking areas on site.

The property is a Grade II listed building situated within a beautiful & popular conservation area forming part of Ryde Town with an abundance of period buildings thoughtfully renovated & maintained. Within easy reach of local shops & social facilities that Ryde has to offer & local transport links are all close at hand.

Offers are invited in the region of £640,000 for the Freehold interest, subject to all Assured Shorthold existing tenancies, subject to contract, which show a gross yield for any investor of 7.13% based upon the estimated rental value.

INVESTMENT CONSIDERATIONS

■ Large semi-detached period building including annexe

■ Converted into apartments comprising x 3 one bed & x 4 two bed apartments

■ Unbroken Freehold block

■ Fully let subject to Assured Shorthold Tenancies

■ Converted in 1990 / 1991

■ Grade II listed

■ 8 car parking spaces

■ Estimated Rental Value: £45,660 per annum

■ Total Current Rent Reserved: £43,140 per annum

■ Gross Yield: 7.13% (based upon Estimated Rental Value)

■ Offers invited in the region of £640,000 for the Freehold interest, subject to all Assured Shorthold existing tenancies, subject to contract.

Location & Connectivity
Ryde is a coastal town on the north-east coast of the Isle of Wight which is known as the gateway to the Island due to its transport links to and from Portsmouth & Southsea by Catamaran, Car Ferry & Hovercraft.

Ryde has a population of just over 32,000 at the time of the 2011 Census.

The local transport interchange offers regular public transport links with the Island Line train service to Shanklin and Southern Vectis bus service across the Island.

Ryde has a good selection of shops and social facilities including doctors, dentists & schools.

From Portsmouth Harbour, some 6 miles distant from Ryde, there are regular rail & coach services to many parts of the UK including London, some 90 minutes away by fast train & Southampton just a short journey along the South Coast.

1 Vernon Square is a Grade II listed building situated within a beautiful & popular conservation area forming part of Ryde Town with an abundance of period buildings thoughtfully renovated & maintained.

Tenure
Freehold

Energy Performance Certificates
Copies of the EPCs are available upon request from Mountford Lettings.

Viewing Information
We will be undertaking viewings during the course of marketing. If you wish to internally inspect, please register your interest with the office.

AML
The successful purchaser will be requested to provide information to satisfy the Anti Money Laundering (AML) requirements when Head of Terms are agreed.

Further Information
For further information please see contact the vendors appointed agents, Mountford Lettings:

Telephone: 01983 61 68 68

Email: mail@mountfordlettings.co.uk

Proposal
Offers in the region of £640,000 are invited for the Freehold Interest, subject to existing Assured Shorthold tenancies, subject to contract.

Flat 1 - (2 Bedrooms)
COMPRISING: Lounge (17' 8" x 11' 8"), Kitchen (10' 1" x 4' 2"), 2 Bedrooms (13' 5" x 9' 7" max) & (8' 11" x 7' 3") & Bathroom
COUNCIL TAX BAND: Band “B”EPC RATING: D (56)

Flat 2 - (1 Bedroom)
COMPRISING: Lounge (16' 8" x 10' 5"), Kitchen (7' 9" x 10' 5"), Bedroom (12' 2" x 10' 9") & Bathroom
COUNCIL TAX BAND: Band “A”EPC RATING: E (39)

Flat 3 - (2 Bedrooms)
COMPRISING: Lounge (13' 10" x 10' 11"), Kitchen (8' 1" x 5' 11"), 2 Bedrooms (11' 8" x 8' 4") & (9' 2" x 8' 6"), Shower Room & Separate WC
COUNCIL TAX BAND: Band “B”EPC RATING: E (41)

Flat 4 - (2 Bedrooms)
COMPRISING: Lounge (13' 10" x 10' 11"), Kitchen (8' 1" x 5' 11"), 2 Bedrooms (11' 8" x 8' 4") & (9' 2" x 8' 6"), Shower Room & Separate WC
COUNCIL TAX BAND: Band “B”EPC RATING: E (41)

Flat 5 - (2 Bedrooms)
COMPRISING: Entrance Hall, Lounge (14’ 1” x 11’ 7”), Kitchen Area (13’ 11” x 5’ 10”), x 2 Bedrooms (12’ x 9’ 4”) & (11’ 10” x 8’ 3”), Shower Room & Separate WC
COUNCIL TAX BAND: Band “B”EPC RATING: D (56)

Flat 6 - (1 Bedroom)
COMPRISING: Entrance Hall, Lounge (13’ x 10’), Kitchen / Dining Area (19' 1" x 8' 10" max), Bedroom (13' x 8' 10"), Bathroom & Separate WC
COUNCIL TAX BAND: Band “A”EPC RATING: C (71)

Flat 7 - (1 Bedroom)
COMPRISING: Entrance Hall, Lounge (13’ x 10’), Kitchen / Dining Area (14' 9" x 8' 11" max), Bedroom (13' x 11’ 10” max, irregular shape) & Bathroom
COUNCIL TAX BAND: Band “A”EPC RATING: C (71)

AGENTS NOTES

Misrepresentation Act: 1. Mountford Lettings & Griffin Residential on its own behalf and on behalf of the vendor/lessor of this property whose agents Mountford Lettings & Griffin Residential are, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Mountford Lettings & Griffin Residential nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/ lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries.

Categories

Investment PropertyResidential Investment Property
Property reference
Flats 1 to 7, West Point