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Commercial Property for sale

Fishergate Hill, Preston

Sold STC £600,000

Property Description

Key features

  • 8 x 2 bed flats
  • Potential income 43,200 pa
  • Fringe city centre location
  • Ample on-site parking
  • Potential individual flat resale
  • AST lettings

Full description

INVESTMENT OPPORTUNITY

Description - Investment opportunity comprising eight self-contained two bedroom flats within a modern two block development in a good sized plot providing communal gardens and ten rear car parking spaces. The flats are currently let by way of six months Assured Shorthold Tenancies and fully let produce a rental income of £43,200 per annum.

The flats are of traditional construction with cavity brick main walls under a pitched and tiled roof with uPVC double-glazed fenestration.

Whilst offered for sale subject to the existing tenancies and therefore an investment opportunity, there is potential for individual flat resale subject to the necessary legal formalities and local authority consents.

Location - The property is situated within a very prominent fringe city centre location just over a mile from the centre of Preston. The development is adjacent to Fishergate Hill Surgery, has a bus stop to the road frontage and is close to the railway station. Broadgate and the River Ribble are almost adjacent and all city centre facilities and the university campus are within easy walking distance.

For identification purposes only, the position is more particularly indicated on the plan attached, which is not to scale.

Accommodation - Eight individual self-contained ground and first floor flats which basically comprise:

Entrance Hall
Lounge
Breakfast Kitchen
Combined Bathroom / WC
Two Bedrooms

Approximate gross internal floor area per flat - 60 sq m

Externally there are communal front and side garden areas. The rear car park provides one space per flat together with two visitor spaces. There is a small bin store.

Services - We believe that mains electricity and water are connected and that drainage is to the main public sewer. Each flat has electrical panel heating and hot water via electric immersion. We understand that the flats are separately metered.

Rating Assessment - We understand that each flat is assessed for Council Tax purposes as band A. Purchasers must satisfy themselves as regards Council Tax payments.

Planning - The flats were purpose-built as eight residential units and therefore should be assessed to C3 under the Town & Country Planning (Use Classes) Order 1979 (as amended) and the Town & Country Planning (General Permitted Development) Order 1995 (as amended).

Tenancies - The flats are currently let by way of Assured Shorthold Tenancy Agreements and rentals payable are £450 per calendar month. There are currently two flats empty. These are being marketed for re-letting purposes.

Landlord's costs include window cleaning, garden maintenance and landlord's electricity supply. These currently amount to approximately £2,270 per annum exclusive of building insurance.

Full details of tenancies are available upon request.

Tenure - The property is believed to be Freehold but this should be confirmed by your solicitor.

Asking Price - Offers in excess of £600,000

Plans & Photographs - Photographs and plans are provided specifically for illustration and identification purposes only. They are not to scale and should therefore not be relied upon by interested parties.

Viewing Arrangements - Strictly by appointment with the sole agents, Garside Waddingham 01772 201117.

Misdescription Act - These details, whilst believed to be correct, do not form any part of an offer or contract. Purchasers should not rely on them as statements or representation of fact. No person in this firm’s employment has authority to make or give any representation or warranty in respect of the property. No appliances or installations have been tested. All measurements are approximate.


More information from this agent

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