Ferncloud House, Fremington, EX31 2NT

This is an excellent Investment opportunity to purchase 2 flats in Fremington's heart. Flat 1 has 2 bedrooms, a lounge, and a kitchen. and bathroom, whilst Flat 2 has 1 bedroom, lounge, kitchen, and bathroom. There is a rooftop terrace outside of the flats with two lockable stores. Tenants have used this roof area over the years for sitting outside, etc.

Flat 1 is let at £720.00 pcm with Flat 2 let at £ 550.00 pcm. This provides an annual rental income of £15,240. In addition, the 2 shops below pay annual ground rents of £25.00 pa & £60.00 pa

 

The village of Fremington is some 4 miles from Barnstaple and offers a range of local amenities that include a Post Office, Medical Centre, Primary school, convenience store, two popular pubs, and a Chinese restaurant/takeaway. Close by is Fremington Quay, which provides you access to the Tarka Trail and fronts the River Taw; there is also a lovely cafe. The coastal village of Instow, with its sandy beach, is just a short drive away. This property is a short walk from the bus stop.

Property additional info

FLAT 1 ENTRANCE HALL:
Built-in storage cupboard housing gas fired boiler

LOUNGE: 3.60m x 3.48m (11' 10" x 11' 5")
TV point. Telephone point. Radiator. Fitted carpet.

KITCHEN: 3.25m x 2.28m (10' 8" x 7' 6")
UPVC double glazed window. Range of units. Space for electric cooker. Space for fridge. Space with plumbing for washing machine. Radiator.

BEDROOM 1: 4.16m x 3.58m (13.65ft x 11.75ft)
Radiator. Fitted carpet.

BEDROOM 2: 4.14m x 3.17m (13.58ft x 10.40ft)
Radiator. Fitted carpet.

BATHROOM:
3 piece white colour suite comprising panelled bath. Low level Wc. Wash hand basin. Radiator. Vinyl floor covering.

FLAT 2 ENTRANCE HALL:
UPVC double glazed front door off. Airing cupboard housing factory lagged cylinder. Access to loft space.

LOUNGE: 4.50m x 2.80m (14.76ft x 9.19ft)
Double radiator.

KITCHEN/DINER: 4.80m x 2.90m (15.75ft x 9.51ft)
Inset single drainer, stainless steel top sink unit with cupboards and space below with plumbing for washing machine. Working surface with drawers and cupboards below. Further working surface with drawers and cupboards below. Island unit. Double wall unit. Gas/electric cooker points. Double radiator.

BEDROOM: 4.10m x 1.90m (13.45ft x 6.23ft)
Built-in wardrobe. Double radiator.

BATHROOM:
Panelled bath with tiled area., Gainsborough Style 400 shower unit. Pedestal hand basin. Low level W.C Extractor unit. Radiator.

OUTSIDE:
There is a terraced roof area directly outside of the flats which has been used by tenants over the years. There are also two rooftop storage cupboards

SERVICES:
Mains water, electricity, gas & drainage are connected to both flats.

COUNCIL TAX:
Flat1 1 - BAND A Flat 2 - BAND A

EPC :
Flat 1 - EPC Rating D Flat 2 - EPC Rating D

TENURE:
The Freehold of the building is being sold, which comprises the two flats and shops. The 2 shops below, however, were sold on long-term leases to the salon owner. Headlines was sold on a 99-year lease granted in 1989 with ground rent payable of £25.00 pa, whilst the adjoining shop (Now Beautylines) was sold on a lease of some 80 years in 2007 with ground rent payable of £60.00. We hold copies of these leases at the office and these can be inspected by prospective purchasers or their solicitors.

ADDITIONAL COMMENTS:
We are selling the freehold to the building, which comprises the 2 flats located above Headlines Beauty Salon. The salon and adjoining Beautylines have long-term leases. Building Insurance is paid by the freeholder who apportions a pro-rata share to the salon. A buyer might not be able to obtain buy-to-let finance for the property as there are 2 rental units. Should a buyer require a mortgage, it may well be commercial funding. We recommend that such inquiries be directed to a prospective buyer's financial advisor.

VIEWINGS:
By appointment through Woolliams Property Services Telephone: Office Hours Out of Office Hours:

DIRECTIONS:
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