2 Waverley Terrace, Ramsey, Isle of Man
- PROPERTY TYPE
Block of Apartments
- BEDROOMS
6
- BATHROOMS
4
- SIZE
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- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Key features
- An excellent opportunity for investors to acquire the freehold of a converted Victorian property creating four flats that has recently undergone a £50k investment
- Investment opportunity with growth potential
- Four apartments with potential to create a fifth apartment with private access
- Undergone improvement works recently internally and externally - scheme of works available to review
- Central Ramsey location within easy reach of all local amenities
- Property would benefit from internal modernisation
- Three apartments let on historic tenancies
- Currently yielding £18,300, an approximate gross yield of 6.2%
- Potential yield if modernised and fifth unit created of approximately £48,000
Description
This centrally-located property in Ramsey presents an excellent investment opportunity with strong growth potential. Currently arranged as four apartments, with scope to create a fifth unit with its own private access, it has already undergone recent improvement works both internally and externally, with a detailed scheme of works available for review.
Three of the apartments are let on historic tenancies, generating an annual income of £18,300 and providing an approximate gross yield of 6.2%. With modernisation and the potential addition of a fifth unit, the property offers the potential to achieve a significantly higher yield of around £48,000 per annum. Perfectly positioned within easy reach of local amenities, it represents a rare chance to secure a high-yielding residential investment in the heart of Ramsey.
Recent improvement works have been carried out both internally and externally, ensuring the property is structurally sound, while a full scheme of works is available for review. The apartments are currently let or available as follows: Flat 1 is a vacant two-bedroom duplex requiring improvement works, with potential to convert into two separate flats; Flat 2 is a one-bedroom unit let at £600 per month; Flat 3 is a one-bedroom unit let at £425 per month; and Flat 4 is a one-bedroom unit let at £500 per month.
The existing three tenanted units generate an annual rental income of £18,300, providing an approximate gross yield of 6.2%. With refurbishment of Flat 1 and the creation of a fifth unit, the property could achieve a projected rental income of around £48,000 per annum, representing a significant uplift in yield and a compelling return on investment.
The property benefits from a central location within easy walking distance of Ramsey’s town centre, shops, cafés, and other local amenities. This prime position ensures strong and sustained tenant demand, making it a reliable income-producing asset. Its flexibility and potential for enhancement make it suitable for a range of investment strategies, including refurbishment, value-add development, or long-term portfolio growth.
Flat 1 - Vacant 2-bed duplex flat that requires improvement works. Potential to convert to two flats.
Flat 2 - 1 bed let at £600pcm
Flat 3 - 1 bed let at £425pcm
Flat 4 - 1 bed let at £500pcm
- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
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- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
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- GARDENA property has access to an outdoor space, which could be private or shared.
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- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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Energy performance certificate - ask agent
2 Waverley Terrace, Ramsey, Isle of Man
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Visit our security centre to find out moreDisclaimer - Property reference 237e66d2-2b39-4ed0-bbbb-fd3d7a9d28e3. 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 Partners Real Estate, Isle of Man. 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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