Investment / Development Opportunity Freehold building Three flats can be student or open market Income in excess of £19,500 pa Planning Consent for expansion / improvement City centre location
From Exeter city centre take Western Way, at the Sidwell Street roundabout take the third exit onto Blackboy Road. The property is on the left hand side of the road.
Blackboy Road is popular with students, investors and owner occupiers. The main Streatham Campus and St Lukes campus are both within easy walking distance. The City Centre is very close with easy access to Princesshay and the High Street.
Attention investors large yield (potential to improve) and permission to develop. A City Centre investment property, comprising of three separate dwellings with established rental history. The ground floor flat (46 m2) is currently rented out for £525pcm or £6300 pa. The middle flat (38 m2) and top floor flat both rent for £555pcm or £6660 pa each. Therefore the total rental income for the building currently stands at £1635 per month or £19,620 per annum. At a purchase price of £300,000 the resulting yield is 6.5%.
Permission has been granted to extend the floor areas and improve the internal layout. We believe with internal updating and proceeding with the development plans, each flat has the potential to increase its monthly rental price improve the yield of the building as a whole and improve the overall capital value.
Implementation of the Consent will increase the size of each apartment as below:-
Ground Floor currently 497 sq/ft increases to 720 sq/ft
First Floor currently 410 sq/ft increases to 726 sq/ft
Second Floor currently 496 sq/ft increases to 581 sq/ft
The property has the required lighting and fire alarm certificates, epc's, Council Licenses and tenancy documentation. It is therefore perfectly positioned for an easy transition to an investor to run the property day to day and benefit from the current yields, or undertake the approved development works.
Possession The building is available Freehold, the tenants are remaining in place and occupy on Assured Shorthold Tenancies.
Planning Exeter City Planning Ref: 18/1367/ful - There are no cil or S106 payments.
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