8 bedroom residential development for sale

Axminster, Devon

Guide Price £495,000

Property Description

Commercial information

  • Business for sale

Key features

  • Popular residential area close town centre
  • Purpose built development completed 2007/2008
  • 4 flats each with 2 bedrooms, car park with 8 spaces
  • Enjoying 100% occupancy, relevant certificates held
  • Current rental income 26,400 per annum
  • EM&F reference number: INV34328N

Full description

Tenure: Freehold

Description: A purpose built residential investment property opportunity completed in 2007/2008, comprising 4 flats in total, all with 2 bedrooms, 2 on the ground floor and 2 on the first floor, each offering open plan fitted kitchen/living/dining area, double bedroom, single bedroom and bathroom. The development benefits from a car park providing 8 car parking spaces with those not used by the flats rented out to provide additional income. Being purpose built and of recent construction the building is easily maintainable, additionally it proves popular with tenants, enjoying 100% occupancy, flats quickly let when they become available.

Location: Enjoying an edge of town centre location, fronting the B3261 Lyme Road, the town centre and all the amenities it has to offer is only a short walk away assisting in the popularity of the development with tenants. Popular shops close by include Costa Coffee, Trinity House Department Store, Boots the Chemist, a number of catering establishment to include the renowned River Cottage Canteen made famous by celebrity TV chef Hugh Fearnley-Whittingstall, whilst just around the corner is the attractive St Marys Church.

Area: Axminster is an unspoilt Devon market town full of charm and character with attractive streets leading off the town square, well known for the production of high quality carpets dating back to 1755. The town continues to grow with numerous new housing developments having taken place over the years with others in the course of construction. Situated close to the Dorset border, approximately 5 miles from the historic seaside resort of Lyme Regis, 9 miles from Honiton and 25 miles from the expanding City of Exeter, easily accessible via the A30 dual carriageway, ensuring the area remains popular to commuters and holiday makers, benefiting from a mainline railway station connecting Exeter with London Waterloo.

Premises: A purpose built corner sited property to include both the stone and rendered property as shown in the photographs. Offering 4 flats, all with 2 bedrooms, all self-contained with their own services to include gas fired central heating, double glazing ensuring a good energy rating, fitted kitchen to include integral oven, hob and extractor with spaces for washing machine and upright fridge/freezer:

FLAT 1: A ground floor flat currently let at a rate of £535 per calendar month. Front entrance door opening to open plan LIVING/DINING ROOM, front aspect, fitted KITCHEN to one end with front aspect. Door to INNER HALLWAY, leading off is BEDROOM 1, a double with rear aspect, BEDROOM 2, a single with rear aspect and BATHROOM fitted with bath, hand washbasin and toilet, also with rear aspect.

FLAT 2: A ground floor flat currently let at a rate of £525 per calendar month. Front entrance door opening to feature curved open plan LIVING/DINING ROOM, corner window providing front aspect, adjoining fitted KITCHEN with rear aspect. Door to INNER HALLWAY, leading off is BEDROOM 1, a double with front aspect, BEDROOM 2, a single with rear aspect, BATHROOM fitted with bath, hand washbasin and toilet, also with rear aspect.

FLAT 3: A first floor flat currently let at a rate of £545 per calendar month. Approached from the rear of the property, communal entrance shared with flat 4, intercom system installed, opens to LOBBY with stairs to LANDING and entrance door opening to central HALLWAY from which all rooms lead off. Open plan LIVING/DINING ROOM, front aspect, fitted KITCHEN to one end with front aspect. BEDROOM 1, a double with rear aspect, BEDROOM 2, a single with rear aspect, BATHROOM fitted with bath, hand washbasin and toilet, also with rear aspect.

FLAT 4: A first floor flat currently let at a rate of £545 per calendar month. As with flat 3, approached from the rear of the property and the communal entrance LOBBY with entrance door to central HALLWAY from which all rooms lead off. Feature curved open plan LIVING/DINING ROOM, corner window providing front aspect, adjoining fitted KITCHEN with rear aspect. BEDROOM 1, a double with rear aspect, BEDROOM 2, a single with front aspect, BATHROOM fitted with bath, hand washbasin and toilet, also with rear aspect.

Floor Plans are available should they be required.

Outside: To the rear of the property, CAR PARK offering 8 spaces albeit 3 spaces are rented out separately at the rate of £200 per annum per space providing additional income.

Business: This is the first time the property has been offered for sale, the vendors owned the land, obtained planning permission for the development, which was then constructed by local builders, and completed around 2007/2008 with all the relevant certificates and sign offs obtained/held. The flats are let on 6 month assured shorthold tenancy agreements, the services of a Letting Agent are used, and 100% occupancy is enjoyed with the flats quickly let when they become available.

Takings: Total rental income from the flats currently amounts to £25,800 per annum which is in addition to rental income from the car parking spaces amounting to £600 per annum giving a combined income of £26,400 equating to a 5% yield.

Comments: The sale of Grays Mews provides an opportunity to acquire a modern purpose built low maintenance building providing a regular income stream.

Tenure: Freehold.

Energy Performance Rating (EPC):

Flat 1 rating of 77.

Flat 2 rating of 78.

Flat 3 rating of 75.

Flat 4 rating of 75.

Price: £495,000 for the benefit of the Freehold, Fixtures, Fittings & Equipment (according to inventory).



More information from this agent

Energy Performance Certificates (EPCs)

Nearest station

  • Axminster (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

EM&F , Devon

3 Cornhill, Ottery St. Mary, EX11 1DW

01404 606038 Local call rate

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

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Map & Street View

Nearest station

  • Axminster (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

EM&F , Devon

3 Cornhill, Ottery St. Mary, EX11 1DW

01404 606038 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 INV34328N. 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 EM&F , Devon. 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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