Land for saleAshley Road , Parkstone
Sold by Us £2,160,000
Investment opportunity. A brand-new purpose built block of 12 x 2 bed flats and 2 x commercial units. Located on the main Ashley Road with its wide range of shopping and bus routes to Bournemouth & Poole.
The site is currently clear and it is anticipated that the development will be built and finished by September 2017. The building will comprise of two shops: Shop 1, 611 sq ft (56.8 sq mt) fronting Ashley Rd, Anticipated rental value £7,500.00 p.a. Gross. Shop 2, 583 sq ft (54.2 sq mt) duel aspect Ashley Rd and Victoria Road. Anticipated rental value £7,000.00 p.a. Gross. Commercial parking area. There will be 12 x flats with sizes ranging from 539 sq ft (50.1 sq mt) to 721 sq ft (67.1 sq mt). Integral bike & bin store and parking for 10 x cars to the rear. Token communal rear garden area. Each flat will be fitted out with quality kitchens and bath rooms and benefits from electric heating. The Churchfield lettings department have determined that if all the residential units were let on AST's the building would produce £121,500.00 p.a. gross and the two commercial units produce £14,500.00 p.a. This gives a combined income of £136,000.00 p.a. and a return of 6.3% based on the asking price. The freehold and commercial value is estimated at £220,000.00. Based on the ground rents of £250.00 p.a. per unit. The flats have a value of £1,957,000.00 if sold separately. A new 125-year lease can be offered in order that the flats can be sold separately if required. The investment will be sold with the benefit of the freehold and an architects certificate. For further details please Contact Andrew Hooper. More development and investments on our web site www.churchfield.uk.com
Development or Investment site (s), bought through Churchfield the purchaser is required to retain us at the rate of 1.8% (minimum fee of £2,400) including Vat at the prevailing rate. For any Land, Development or Investments acquired, Churchfield must be instructed to re-sell the finished units at 1.8% including vat or re-let at 9.6% including vat (fully managed) the acquired property or the developed properties on a sole agency basis within three years of completion. If Churchfield are not instructed and the acquisition is sold or Let by the purchaser/s within this period, an additional fee of 1.8% including vat (minimum fee £2,400 including vat) of the original purchase price will be chargeable to the purchaser in addition to any other costs or charges agreed. Once the three year period after completion of the purchase has expired, the purchaser is free to offer the acquisition to any third party with Churchfield having no financial interest.
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