6 bed property for sale

2 Waverley Terrace, Ramsey, Isle Of Man IM8

This centrally-located property in Ramsey presents an excellent investment opportunity with strong growth potential. Currently arranged as four apartments, with scope to create a fifth unit with its own private access, it has already undergone recent improvement works both internally and externally, with a detailed scheme of works available for review.

Three of the apartments are let on historic tenancies, generating an annual income of £18,300 and providing an approximate gross yield of 6.2%. With modernisation and the potential addition of a fifth unit, the property offers the potential to achieve a significantly higher yield of around £48,000 per annum. Perfectly positioned within easy reach of local amenities, it represents a rare chance to secure a high-yielding residential investment in the heart of Ramsey.

Recent improvement works have been carried out both internally and externally, ensuring the property is structurally sound, while a full scheme of works is available for review. The apartments are currently let or available as follows: Flat 1 is a vacant two-bedroom duplex requiring improvement works, with potential to convert into two separate flats; Flat 2 is a one-bedroom unit let at £600 per month; Flat 3 is a one-bedroom unit let at £425 per month; and Flat 4 is a one-bedroom unit let at £500 per month.

The existing three tenanted units generate an annual rental income of £18,300, providing an approximate gross yield of 6.2%. With refurbishment of Flat 1 and the creation of a fifth unit, the property could achieve a projected rental income of around £48,000 per annum, representing a significant uplift in yield and a compelling return on investment.

The property benefits from a central location within easy walking distance of Ramsey’s town centre, shops, cafés, and other local amenities. This prime position ensures strong and sustained tenant demand, making it a reliable income-producing asset. Its flexibility and potential for enhancement make it suitable for a range of investment strategies, including refurbishment, value-add development, or long-term portfolio growth.

Flat 1 - Vacant 2-bed duplex flat that requires improvement works. Potential to convert to two flats.

Flat 2 - 1 bed let at £600pcm

Flat 3 - 1 bed let at £425pcm

Flat 4 - 1 bed let at £500pcm

Location

From Parliament Square, travelling in the direction of the Mountain Road, take a left turning onto the A2 prior to Ramsey bus station. Continue along the road until reaching Waverley Terrace on the left hand side immediately after passing Chapel Lane.