Grade II Listed Investment Opportunity Fully Let Freehold Block of Four Flats

An exceptional opportunity to acquire a fully let block of four self-contained flats, forming part of the historic and highly regarded Georgian terrace at 49–54 Emma Place, one of Plymouth’s finest examples of planned early 19th-century housing.

This Grade II listed building (List Entry Number 1244518, first listed 1 May 1975) is recognised for its architectural and historic significance, featuring elegant stuccoed elevations, sash windows, pilasters, parapet detailing and classic Georgian proportions. The accommodation is arranged over lower ground, ground, first and second floors, creating four well-proportioned flats that remain in strong demand within the local rental market.

The property is fully let, providing immediate income from day one, with a healthy mix of long-term and recently agreed tenancies offering both stability and clear future rental growth potential.

Current Rental Income

Flat 1 (Ground Floor): £925 pcm (£11,100 pa) – let from February 2024, rent increasing to £975 pcm
Flat 2 (First Floor): £600 pcm (£7,200 pa) – long-term let from June 2015
Flat 3 (Second Floor): £750 pcm (£9,000 pa) – let from November 2025
Flat 4 (Lower Ground Floor): £675 pcm (£8,100 pa) – let from December 2025
Total Income: £2,950 pcm | £35,400 pa increasing to £3,000 pcm | £36,000 pa

Management & Tenancy Information

The property is fully let and managed in-house by Francis Stuart, ensuring continuity, strong tenant relationships, and a proven rental history. All tenancies are in place, providing a stable, hands-off investment with immediate income from day one and the reassurance of professional ongoing management already established. 

On top of this, the property presents the long-term chance to add value in renovating and reconfiguring the ground floor and first floor flats, both of which have suitable square footage to be converted from 1 bedroom to 2, as has already been done in the Lower Ground Floor Flat. 

Yield & Return
At a guide price of £500,000, the property offers a gross yield of approximately 7.2%, with further scope to improve returns through rent reviews and reconfiguration over time. If reconfigured and renovated, we believe the block could generate upwards of £3700pcm / £44,400. 

However, ultimately, the value in this investment lies in the demand for this area with it being so close to the Royal William Yard/Hoe and general grandeur of these buildings.

Location

Emma Place is set within the heart of Stonehouse, one of Plymouth’s most historic and rapidly improving waterfront districts. The property is ideally positioned just moments from Royal William Yard, a landmark destination offering a vibrant mix of restaurants, bars, cafés, gyms and waterfront walks, as well as Millbay Marina and the ferry terminal, providing easy access to the Barbican and city centre.

Plymouth Hoe and the city centre are both within comfortable walking distance, offering theatres, shopping, employment hubs and transport links, while regular bus routes and the nearby ferry make commuting simple and convenient. This combination of historic charm, coastal lifestyle and excellent connectivity continues to drive strong tenant demand, making Stonehouse a highly attractive location for long-term investment.

The building is protected under the Planning (Listed Buildings and Conservation Areas) Act 1990, and any alterations or works may require listed building consent.

EPC

Lower ground floor flat – EPC D
Ground floor flat – EPC D
First floor flat – EPC D
Second floor flat – EPC E

Council Tax
All flats fall under Council Tax Band A (the lowest band), with current charges of approximately £1,550 per annum per flat (2025/26), helping to keep tenant outgoings low and support long-term rental demand.

Agent Note:

We may introduce buyers and sellers to our panel of carefully selected Conveyancers, Mortgage or surveyor services. The choice to use their services is entirely yours. If you opt to proceed, please be aware that we will receive an average referral fee of £120-£200 (including VAT) from the firm for the introduction. These firms have been chosen based on their strong local reputation and proven track record of excellence.

There’s no obligation to use our recommended providers. 

In accordance with current Anti-Money Laundering (AML) regulations, all prospective purchasers are required to provide valid identification documents before a sale can be agreed and solicitors formally instructed. To facilitate these checks, a one-off charge of £36 (inclusive of VAT) applies. We kindly request that this cost be covered by you as part of the purchase process.