4 bed block of flats for sale

New Bridge Street, Exeter EX4

Four 1-bedroom self contained apartments for sale. This is rare opportunity to purchase an investment property comprising of four 1-bedroom self contained rental flats. Which has been in the same family for 30 years, the property has huge potential for renovation and development, increasing income and resale profit. Strategically located in a highly desirable central area, this property presents an excellent opportunity for investors.

Summary four 1 bedroom self contained apartments for sale - A fantastic investment property comprising four 1 bedroom rental self contained apartments, two of which are still currently occupied, when fully occupied the apartments have been generating a yearly net income of £29,520. There is the potential to significantly increase the rents either by increasing the rents to match current market levels or there is the potential to renovate, reconfigure or completely redevelop the site.

Located in a highly desirable central area at the bottom of Fore Street, this is perfectly position for the city centre, St Thomas and local transport links. Fore Street boasts numerous speciality and alternative shops, many of them independents, hidden away within little arcades along the route, this is an up and coming area with the investors looking at sites to develop along with proposed new student accommodation. This property presents an excellent opportunity for investors.

The property also has a lockable bin store and basement/store room which could have the potential to be developed into a self-contained apartment.

Property Tenure: Freehold (please note each flat does not hold individual leaseholds).
Council Tax: Each flat has a separate council tax band all comprising of an A.
EPCs:
21 New Bridge Street - C
22 New Bridge Street - C
22a New Bridge Street - D
22b New Bridge Street - D

lettings information The apartments have achieved and achieving the following rents which are not reflective of the current market value (please see below lettings potential)

21,1 bedroom, 47 sqm - £575pcm
22,1 bedroom 34 sqm - £595pcm
22a, 1 bedroom 40 sqm - £595pcm
22b, 1 bedroom 47 sqm - £695pcm

Lettings Potential - Rosewood Property Lettings Department have put an estimate monthly rental of £750pcm if they came back to the market now as they are. This provides a rental yield of approx. 6.9%.

They have a potential to achieve £850pcm with some selective modernisation/improvement. This provides a yearly rental yield of approx. 7.8%.

If you would like further information regarding this or any aspect of letting a property, please contact our Lettings Department.

Services Electricity supply: Mains electricity
Heating supply: Night Storage Heaters
Sewerage: Mains
Water Supply: Mains
Mobile signal: Several networks showing as available including EE, Vodaphone, 3 and 02
Broadband: Standard, Superfast and Ultrafas