£345,000
Property for saleTiverton, Devon EX16
About this property
Modern freehold residential property investment and property management opportunity generating multiple income streams. Situated in the popular town of tiverton, occupying an attractive elevated site providing far reaching views, overlooking the Grand Western Canal which forms part of the mid devon Country Park and Nature Reserve. A sought after area, being easily accessible, the town centre with all its amenities only a short drive away, the regional capital of exeter quickly reached.
Comprising a quality development of 14 Leasehold apartments (3 owned, 8 x 99 year leases, 3 x 125 year leases) for the over 55’s community, offering independent living in a secure environment. Each apartment is built and fitted to a high standard, the apartments are arranged over 4 floors, benefiting from lift access, communal seating area, laundry facilities, attractive well maintained gardens and car parking.
Offered for sale is the Freehold from which annual Ground Rents are received, along with the Management Company from which 20% of the Service Charge generated is received. In addition to this, included in the sale price are 3 apartments retained by the vendor which can be rented out to provide additional income or sold off. Potential future income from Lease renewals.
Current Ground Rent £500 per annum per apartment which can be reviewed annually but has not been increased since completion of development. Current Service Charge £326.07 per month per apartment plus £250.00 per month from neighbouring property. Should new owners retain the 3 apartments then rental income of £850 per month (inclusive of service charge) considered achievable. Potential total income achievable approaching £38,000 per annum, could be higher should new owners undertake cleaning/gardening/maintenance duties themselves.
Freehold £345,000 Ref: INV36525N
Comprising a quality development of 14 Leasehold apartments (3 owned, 8 x 99 year leases, 3 x 125 year leases) for the over 55’s community, offering independent living in a secure environment. Each apartment is built and fitted to a high standard, the apartments are arranged over 4 floors, benefiting from lift access, communal seating area, laundry facilities, attractive well maintained gardens and car parking.
Offered for sale is the Freehold from which annual Ground Rents are received, along with the Management Company from which 20% of the Service Charge generated is received. In addition to this, included in the sale price are 3 apartments retained by the vendor which can be rented out to provide additional income or sold off. Potential future income from Lease renewals.
Current Ground Rent £500 per annum per apartment which can be reviewed annually but has not been increased since completion of development. Current Service Charge £326.07 per month per apartment plus £250.00 per month from neighbouring property. Should new owners retain the 3 apartments then rental income of £850 per month (inclusive of service charge) considered achievable. Potential total income achievable approaching £38,000 per annum, could be higher should new owners undertake cleaning/gardening/maintenance duties themselves.
Freehold £345,000 Ref: INV36525N
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