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Block of Apartments for sale

Queen Street, Bridgwater, Somerset

Offers in Region of £2,900,000

Property Description

Full description

FREEHOLD INVESTMENT OPPORTUNITY - DEVELOPMENT OF 17 APARTMENTS
A fantastic investment opportunity comprising an attractive four storey building arranged as 17 self-contained apartments (4 x one-bedroom, 10 x two-bedroom and 3 x three-bedroom). The property is currently contracted to a worldwide property management company and is let as serviced apartments producing a current NET income of circa £154,318 per annum with potential to increase. The property is situated in the heart of Bridgwater's Town Centre and benefits on-site car parking.

Description - Brunel House is an attractive four storey building arranged as a block of 17 well-presented residential apartments, offering an investment opportunity for local, regional or national investors. The property is currently operating as serviced apartments for short-term, medium-term and long-term lettings and is contracted to SITU - a worldwide property management company.
The premises benefits from car parking on site within the curtilage of the property, which is advantageous for continued letting given the central location.

Location - The property is situated on Queen Street in the heart of the historic market town of Bridgwater within easy reach of public transport and the HPC bus routes, as well as a range of shops, bars, cafes and restaurants making the serviced apartments an attractive home for business travellers to stay. Excellent transport links are provided to Bristol and Taunton via the M5 motorway.

Schedule Of Accommodation (Approximate Floor Areas) -

Ground Floor - Unit 1 (2 Bed) : - 94.74 sq m / 1019.4 sq ft
Unit 2 (1 Bed) : - 64.24 sq m / 691.22 sq ft
Unit 3 (1 Bed) : - 79.86 sq m / 859.29 sq ft

First Floor - Unit 4 (3 Bed) : - 100.48 sq m / 1,081.16 sq ft
Unit 5 (2 Bed) : - 66.62 sq m / 716.83 sq ft
Unit 6 (1 Bed) : - 66.35 sq m / 713.92 sq ft
Unit 7 (2 Bed) : - 55.55 sq m / 597.71 sq ft

Second Floor - Unit 8 (3 Bed) : - 102.76 sq m / 1,105.7 sq ft
Unit 9 (2 Bed) : - 66.79 sq m / 718.66 sq ft

Unit 10 (1 Bed) : - 66.44 sq m / 714.89 sq ft
Unit 11 (2 Bed) : - 55.58 sq m / 598.04 sq ft

Third Floor - Unit 12 (2 Bed) : - 52.28 sq m / 562.74 sq ft
Unit 14 (3 Bed) : - 65.63 sq m / 706.44 sq ft
Unit 15 (2 Bed) : - 65.62 sq m / 706.07 sq ft
Unit 16 (2 Bed) : - 64.11 sq m / 689.82 sq ft

Fourth Floor - Unit 17 (2 Bed) : - 81.29 sq m / 874.68 sq ft
Unit 18 (2 Bed) : - 84.56sq m / 909.86 sq ft

Tenure & Terms - The Property is being sold Freehold, with the benefit of a Property Management contract in place with SITU Living Ltd, who currently occupy the Premises on a 3 month rolling basis, although would look to enter in to a new Management Contract for a period of 5 years with a 3 year break, subject to agreement with the new purchaser. The current NET income from SITU currently equates to £154,318 per annum, giving a yield of 5.3% at the asking price of £2,900,000.

Vat - All figures quoted are exclusive of VAT unless otherwise stated.

Energy Performance Certificates (Epcs) - Each apartment has an individual EPC. Copies are available upon request.

Legal Costs - Each party will be responsible for their own respective legal fees.

Viewings - Strictly by appointment with either of the Joint Agents:

Rob Ansell - Maggs & Allen - Tel:
Email:

Emma Moffatt Or Lyndon Brett - Lyndon Brett Partnership - Tel:
Email:

Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.


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Listing History

Added on Rightmove:
25 July 2019

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