7 bedroom block of apartments for sale

Egan House Development

Offers in Region of £575,000

Property Description

Key features

  • Former Public House
  • Recently Renovated
  • Comprising of 5 Separate Residential Units
  • Annual Return Over 5%

Full description

Tenure: Freehold

A fantastic opportunity for anyone looking for investment that is already generating an income with four of the five units currently tenanted and managed by a local letting agent, one is awaiting refurbishment to convert to the final garden flat which will also benefit from it's own parking space - TCP/02230/G, P/00397/17
The owners would consider a reasonable offer if an interested party wished to complete the refurbishment of unit 5.

Please Note: The plans show a sixth residential unit to the side of the development and two commercial units on the ground floor that are not included in this listing. 

Current rental income is as follows:
£495 pcm for the 1 bedroom apartments, £575 pcm for the 2 bedroom apartments with aprtment 5 expecting around £525 pcm due to the parking space and courtyard garden space. At present this development yields an annual return of £25,680 with an additional £6,300 for the fifth unit and realising a 5.5% annual return on the prospective investment. 

The building has no connected gas services and the electric meters have been separated for each unit on a pre-payment system. 

Please Note: The Ground Floor plan has been inserted to make it easier to visualise how the flat and commercial units will coexist together and should not be intended for use as a scale reproduction, the architects plans are inserted for such use. 

Viewings are strictly by prior appointment and only through the sole selling agent WightHomes.com.  

Please Note: 1. Our description of any appliances and services (including central heating systems) should not be taken as any guarantee that these are in working order, they have not been, nor will they, be tested. 2. These particulars do not constitute an offer or contract of sale and any prospective purchaser should satisfy themselves by inspection of the property. 3. All illustrations are for identification purposes only and are not to scale. 4. Measurements are taken in metric and converted to imperial. 5. There is no implication that an item is included within the sale by virtue of its inclusion within any photograph or floor plan. 6. The sale is subject to all rights of support, public and private rights of way, water, light, drainage and other easements, quasi easements and way leaves, and all or any other rights whether mentioned in these particulars or not.

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We hope that by putting our gentle reminders on the documents, that are so often needlessly printed, we might start a small movement of change.
 


More information from this agent

Listing History

Added on Rightmove:
20 November 2017

Nearest station

  • Lymington Pier (5.3 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

Use the school checker

To view this property or request more details, contact:

WightHomes.com, Isle of Wight

Innovation Centre St Cross Business Park Newport PO30 5WB

01983 646081 Local call rate

How much will it cost me to call the number displayed on the site?

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Floorplans


To view this property or request more details, contact:

WightHomes.com, Isle of Wight

Innovation Centre St Cross Business Park Newport PO30 5WB

01983 646081 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest station

  • Lymington Pier (5.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

WightHomes.com, Isle of Wight

Innovation Centre St Cross Business Park Newport PO30 5WB

01983 646081 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 2164. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by WightHomes.com, Isle of Wight. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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