Springfield Road, Ilfracombe, EX34 9JW

The property:
This is an investment that already has the most important ingredient in place: income. The property is arranged as three self-contained one-bedroom flats, all currently occupied, producing a combined rent of £1,395 per calendar month, equivalent to £16,740 per annum at the rents supplied.

Rather than buying a vacant building and then facing refurbishment, advertising and tenant-finding before the first rent arrives, an incoming purchaser is acquiring three units with existing occupiers and established tenancy histories.

Flat 1 is currently let at £450 per calendar month, producing £5,400 per annum. The tenancy commenced on 27 September 2009, giving this unit a notably long occupancy history.

The accommodation is generous for a one-bedroom flat and is arranged around a separate living room and a substantial kitchen/dining room. The living room provides a defined space for relaxing away from the kitchen, while the kitchen/diner is particularly spacious and gives the tenant room to cook, eat and use the area as the everyday heart of the flat.

The bedroom is another substantial room with plenty of floor space for a double bed and additional furniture. A separate bathroom completes the accommodation, with the hand-drawn plan showing a shower arrangement.

Flat 2 is currently let at £495 per calendar month, equivalent to £5,940 per annum. This tenancy commenced on 28 April 2025, making it the most recent of the three tenancies.

This flat is again arranged as a proper one-bedroom home rather than a studio. There is a separate lounge, a kitchen/diner, bedroom and bathroom, giving the tenant clear separation between living, sleeping and cooking areas.

The lounge is a useful size and benefits from a bay-style window area shown on the plan, while the kitchen/diner provides enough space for both kitchen units and a dining area. The bedroom is separately positioned and the bathroom is particularly generous for a flat of this type.

Flat 3 is currently let at £450 per calendar month, producing £5,400 per annum. The tenancy commenced on 14 January 2022.

The layout provides a separate bedroom, lounge, kitchen and shower room, again giving the occupant clearly defined rooms rather than combining the main living accommodation into one space.

The kitchen is a particularly useful size, while the lounge provides a separate place to relax. The bedroom completes the main accommodation, with a shower room positioned off the hall.

Across all three flats, the important point for an investor is the separation of uses. Each unit provides its own bedroom, living space, kitchen and washing facilities, creating three self-contained homes within the building.

The current rental position is:

Flat 1: £450 pcm / £5,400 per annum
Tenancy commenced 27 September 2009

Flat 2: £495 pcm / £5,940 per annum
Tenancy commenced 28 April 2025

Flat 3: £450 pcm / £5,400 per annum
Tenancy commenced 14 January 2022

Current combined rent: £1,395 pcm / £16,740 per annum

No assumptions have been made regarding future rent increases or market rent. The figures above are the current rents supplied and allow buyers to assess the investment based on the income actually being received rather than projected figures.

The differing tenancy dates also give an investor a useful picture of the building's occupancy history. Flat 1 has supported a particularly long-standing tenancy, Flat 3 has been occupied since 2022 and Flat 2 has a newer tenancy commencing in 2025.

That combination provides a more established investment story than a building being offered with three freshly created or simultaneously started tenancies.

The exact tenure, lease structure, management arrangements, repairing obligations, building insurance arrangements and any service charge responsibilities have not yet been supplied. Buyers should therefore ask their solicitor to confirm these points during the legal process rather than relying on assumptions.

Likewise, the room measurements currently available have been taken from hand-drawn plans and should be treated as approximate until the professionally prepared floorplans are completed.

For an investor, however, the core proposition is already clear: three occupied self-contained flats, three existing rental streams and a combined current annual income of £16,740.

The area:
Springfield Road is well positioned for access to Ilfracombe town, giving tenants the benefit of everyday amenities alongside the lifestyle appeal of living close to the North Devon coast.

Ilfracombe offers a mixture of independent shops, cafés, pubs, restaurants and everyday services, with the High Street providing much of what residents need on a regular basis.

The harbour is one of the town's best-known features and adds considerably to Ilfracombe's appeal as somewhere to live rather than only visit. The waterfront provides places to eat, walk and meet friends, while Damien Hirst's Verity sculpture has become one of the town's most recognisable landmarks.

For tenants, having shops, services and leisure facilities within the wider town is important. It allows the flats to appeal not only to people attracted by the coast but also to those who already live and work in Ilfracombe and want a practical long-term home.

The wider North Devon coastline adds another dimension. Beaches, coastal walks and open countryside are all accessible from the town, with Woolacombe and other well-known coastal destinations within reach.

That combination of everyday practicality and coastal lifestyle helps broaden the potential tenant base. The location can work for people employed locally, those with family connections to the area and tenants who value being close to the sea without living somewhere that functions only as a seasonal holiday destination.

For a landlord, the existing occupancy within all three flats is an important part of the story. The property is not being marketed on the basis of theoretical tenant demand alone. It is already producing income from three separate tenancies with different commencement dates.

Summary:
This is an established income-producing investment comprising three self-contained one-bedroom flats, all currently occupied.

Together, the flats generate £1,395 per calendar month, giving a current annual rent of £16,740. Flat 1 has been occupied under its current tenancy since September 2009, Flat 3 since January 2022 and Flat 2 since April 2025.

Each flat provides separate living, sleeping and kitchen accommodation, creating three clearly defined homes within the building.

For investors looking for a property where the rental income is already established rather than dependent upon future letting, this presents a straightforward proposition with three existing revenue streams from the outset.

FLOOR DIMENSIONS:

Flat 1
Bedroom: approximately 3.93m x 4.51m

Living Room: approximately 3.16m x 3.56m

Kitchen / Dining Room: approximately 5.21m x 4.01m

Bathroom: approximately 1.17m x 3.08m

Flat 2
Bedroom: approximately 3.55m x 2.15m

Lounge: approximately 4.59m x 2.93m

Kitchen / Dining Room: approximately 3.46m x 3.37m

Bathroom: approximately 3.07m x 1.92m

Flat 3
Bedroom: approximately 2.16m x 2.77m

Lounge: approximately 2.29m x 3.79m

Kitchen: approximately 3.34m x 3.04m

Separate Shower Room

Three self-contained one-bedroom flats
All three flats currently occupied
Current combined rent of £1,395 pcm
Current annual rental income of £16,740
Flat 1 tenancy in place since September 2009
Flat 2 tenancy commenced April 2025
Flat 3 tenancy in place since January 2022
Separate living and kitchen accommodation within each flat
Established Ilfracombe investment opportunity
Convenient position for the town, harbour and local amenities