Sandridge Flats, 420-422 Promenade, Blackpool, FY1
- PROPERTY TYPE
Block of Apartments
- BEDROOMS
20
- SIZE
7,900 sq ft
734 sq m
- 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
- 20 Self Contained Flats
- c.13% Yield
- Reversionary Upside
- Income Producing
- Low Running Costs
Description
* Opportunity to acquire a coastal residential block comprising 20 self-contained flats, with income producing and further reversionary upside through ongoing refurbishment, rent repositioning and lease-up of vacant units.
LOCATION
* Sandridge Flats occupies a prominent position on Blackpool Promenade, a strong beachfront location within walking distance of local amenities, transport links and the wider seafront leisure offer.
* Blackpool remains one of the North West's most recognisable coastal rental markets, supported by a broad tenant base and continued demand for affordable, well-located apartments close to the promenade.
DESCRIPTION
* The property comprises 20 flats in total, arranged across ground, first and second floors extending to approximately 7,900 SqFt (NIA).
* Currently 18 of the flats are let with two flats undergoing refurbishment are generating £118,272 per annum.
* The 20 apartments have an estimate market rental value of approximately £139,680 per annum.
* Outgoings are modest at approximately £7,392.86 per annum, including insurance, agency fees, communal electricity. The flats have generally been improved, with only Flat 5 remaining unmodernised and some further works ongoing.
* The building has three parking spaces and benefits from a simple, low-complexity operating structure, with tenants paying their own utility bills.
TERMS
* The Property is not elect for VAT.
* The property is offered freehold.
* Offers in excess of £1,100,000.
Brochures
Brochure 1- 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.
- Ask agent
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- Yes
- GARDENA property has access to an outdoor space, which could be private or shared.
- Ask agent
- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
- Ask agent
Sandridge Flats, 420-422 Promenade, Blackpool, FY1
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