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7 bedroom block of apartments for sale

Chapel Court, Market Street, Wem, SY4 5EA

Sold STC £295,000

Property Description

Key features

  • Excellent Investment Opportunity
  • 4 Self Contained Apartments
  • Tenants in Place
  • Town Centre Location

Full description

Tenure: Freehold

The Property

A former Baptist Chapel and converted to apartments in 1993, Chapel Court consists of four self-contained apartments within a building rich in character and situated on a quiet street within the centre of Wem.

The property is entered through an impressive Gothic style arched double doorway and into a communal hall. From the hall; steps lead down to the first two apartments. Number 1 is a two bedroom apartment, Number 2 is a one bedroom apartment. From the entrance hall a staircase leads up to a further two apartments. Number 3 and Number 4 are both two bedroom apartments. Each of the four apartments consists briefly of a good sized living room, kitchen with a range of fitted base and wall units, space for an electric oven, plumbing for a washing machine and space for a fridge freezer. Each apartment has a shower room with enclosed shower cubicle with electric shower, wash basin and low level WC. All have good sized bedroom(s).

The four apartments are all of excellent quality and in good order. Each apartment has existing tenants and all are being kept to a high standard.

Accessed off Market Street at the South end of the building is a further Gothic style arched doorway leading to a store room which contains utilities, wheelie-bins and storage space, a gas supply to the building is located here but is not in use.

Another interesting feature of this building is a large vaulted roof space, which contains an attractive stained glass window, there are architects drawings currently in our keeping for a proposed two further apartments incorporated into the roof space, offering even further investment potential, subject to the usual planning consent.

We are informed by the present landlord that the current gross monthly rental income from the four apartments is 1745.00 per calendar month, and as such offers an excellent return on capital.

We are informed that car parking is available for tenants with a parking permit which can be obtained for a fee from the Wem Conservative Club, located immediately opposite the front of Chapel Court.

All existing occupying tenants are on assured short hold tenancies and have secured deposits. Further details are held with the present landlord and can be obtained strictly upon request from Harfitts.

The Local Area

Chapel Court is located off Market Street in the heart of the market town of Wem, being close to all local amenities, including excellent doctors, dentists, schools and independent shops within the town, as well as a supermarket and a good selection of pubs and eateries. The larger towns of Shrewsbury and Whitchurch are only a few miles drive away, and there are excellent rail links directly from Wem Station to Crewe to the north, and Shrewsbury, Birmingham and the London to the south.

Council Tax Band

Local Authority
Shropshire Council

Mains electricity, water and drainage. Electric heating.

Strictly by appointment with Harfitts

We understand the property is Freehold, although purchasers are advised to confirm details with their solicitor

All measurements are approximate and are for identification purposes only.

For a free no obligation valuation of your own property please call us on 01939 232775

We can put you in contact with expert independent financial advisors, please ask for details

Please ask us for details of local surveyors

More information from this agent

Energy Performance Certificates (EPCs)

Listing History

Added on Rightmove:
31 May 2016

Map & Street View

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