Meal Street, New Mills, SK22

Exceptional Residential Investment Opportunity – Six Apartments Within a Single Building

A rare opportunity to acquire a residential investment portfolio comprising six self-contained apartments within a single historic building, held under one freehold title and situated in the heart of New Mills.

The building, formerly the George Hotel, has been sympathetically refurbished to provide six independent residential apartments, with one property accessed directly from High Street. The prominent frontage is Grade II listed, adding to the property's character and historic appeal.

When fully occupied, the portfolio generates an annual rental income of approximately £39,720, representing a gross yield of approximately 7.0% based on the asking price of £570,000.

There is further potential to increase the rental income through future rent reviews and optimisation of the individual apartments. If all six apartments were to achieve £650 per calendar month, the combined annual rental income would increase to £46,800, representing a potential gross yield of approximately 8.2%, based on the asking price of £570,000.

The Portfolio

• 27 Meal Street – One-bedroom apartment, currently let on a long-term tenancy at £535 pcm (currently vacant)

• 29 Meal Street – Residential apartment, currently let on a long-term tenancy at £450 pcm

• 31 Meal Street – One-bedroom apartment with potential to reconfigure to provide two bedrooms, currently let at £650 pcm (currently vacant)

• 33 Meal Street – Residential apartment, currently let on a long-term tenancy at £530 pcm

• 35 Meal Street – One-bedroom apartment with potential to reconfigure to provide two bedrooms, currently let at £650 pcm

• 72 High Street – One-bedroom apartment, currently let at £495 pcm

The vacant apartments have not yet been re-let, giving a new landlord the opportunity to review and potentially increase the rental income before securing new tenants.

Several of the apartments are currently let below the potential rental level of £650 pcm, providing scope for rental growth over time, subject to tenancy arrangements, market conditions and any necessary rent reviews.

A Convenient and Manageable Investment

With all six apartments contained within the same building and held under a single freehold title, the portfolio offers a convenient and potentially straightforward investment structure.

The property occupies a prominent position in New Mills town centre, providing easy access to a wide range of local amenities, including shops, cafés, restaurants and transport links, with regular rail services connecting the town to Manchester and Sheffield.

Combining established rental income, six self-contained apartments, a single freehold title and identifiable potential for rental growth, the property presents an attractive opportunity for investors seeking a residential investment with scope to enhance both income and yield.

EPC Rating: C