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Property Listing Details

Property details

  • 3 bedrooms
  • 3 bathrooms
  • 3 reception rooms

Features

  • Freehold

Listing view statistics

Last 30 days: 201 page views

Since listed: 1351 page views

Description

Accommodation Summary

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

Directions

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.

Situation

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.

Description

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.

You could get

Ultrafast broadband Ultrafast broadband

Up to 200 Mbps (Source: Ofcom)

Floorplan

Map & Nearby

Local Amenities

  • St James Park (Exeter) 0.3 miles
  • Polsloe Bridge 0.6 miles
  • Ladysmith Junior School 0.3 miles
  • Newtown Primary School 0.3 miles

Local map of the area

Map and Street View Map showing location of property

Local Amenities

  • St James Park (Exeter) 0.3 miles
  • Polsloe Bridge 0.6 miles
  • Ladysmith Junior School 0.3 miles
  • Newtown Primary School 0.3 miles

Market stats

Sale activity

Average estimated value for a flat in EX4:

  • £170,677
  • Price increase

  • £5,371
  • (3.249%)
  • Over the last 12 months

In the last 12 months

  • Average sale price

    £158,514
  • Properties sold

    81

Rental opportunities

Looking for an investment? The average rent for a 3 bedroom flat in EX4 is currently:

£1,959 pcm

Recent sales nearby

See all recent sales in EX4
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Estimated running costs

Based on available 3rd party data

Mortgage calculator

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These results are not provided by NatWest and are only indicative based on a repayment mortgage product. Repayments will be subject to the product provided and your circumstances.

The Agent

Price history

Sold prices provided by Land Registry
9th Oct 2019 £280,000 Price reduced by £20,000
16th Aug 2019 £300,000 First listed

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Property descriptions and related information displayed on this page are marketing materials provided by Wilkinson Grant & Co. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Wilkinson Grant & Co for full details and further information.