Business description

25 Residential Properties for Sale.
An excellent opportunity to purchase a well established property investment portfolio, all properties are located within close proximity on the same estate. All properties are in good order having being refurbished within the last three years.
There is a mix of 21 x 3 bed maisonettes and 4 x 1 bed flats. There is no significant expenditure required to continue the letting operation. The properties are in good location and are continually occupied with a very reliable income for the new owner.
At the moment the properties are all self managed but could be handed to an Agent for a lower price due to the logistics of the properties.
All properties are held on a 99 year Lease with 76 years remaining.
Support & Training: The owner would be happy to assist the new owner for a smooth transition.

Property information

Property:

Leasehold

Lease terms:

Service Charge £800.00 per annum per 3 bed maisonette and £600.00 per annum per 1 bed flat.
At present there is a Right to Manage Company in place, new owners can choose to get involved with the management of the estate and with a majority shareholding would have a lot of authority with regards to where monies should be expended.
Service Charges are now due to be reduced as all major works on the estate have now been completed and could be as much as a 50% reduction.

Leasehold rent:

££50 per 3 bed & £40 per 1 bed per annum

Location:

Residential Estate

Premises details:

The properties are all located on the same estate for ease of management, if still wishing to self manage or could gain a competitive price from an Agency.
The estate is a private estate comprising of 4 blocks of maisonettes, 3 of which these properties are located.
Each property has its own garage, which were also refurbished last year, with new pitched roof and garage door.

Other information

Expansion potential:

There is also planning permission being sought for 17 of the 3 bed maisonettes for conversion into 2 x 1 bed flats, with planning permission gained a further income of £85,000.00 should be expected.

Reasons for selling:

The owner wishes to retire.