7 bedroom semi-detached house for sale

Madeira Road, Totland Bay

Guide Price £550,000

Property Description

Key features

  • Superb Freehold Property
  • Nearing Conversion Completion
  • 5 Apartments & 1 Commercial Unit
  • Expected 6% Return Minimum 35220 p/a
  • 4 Flats Completed & Let achieving 25680 p/a
  • Ground Floor Flat Underway
  • Commercial Unit Unfinished
  • Some Outside Space & Parking Included

Full description

**Virtual Tour** This is an ideal investment property as you would own the freehold and have far more control of the building. Currently the income is £25,680 pa but is expected to be at least £35,220 pa once finished.This property is being offered for sale as a whole freehold building with only a small corner on the ground floor already leased out on a 999 year lease to the Post Office. The block has 4 finished flats currently and 1 flat and 1 shop being converted. The finished 2 x 1 Beds both achieve currently £495.00pcm rent. The 2 x 2 Beds both achieve currently £575.00pcm rent. The garden flat being converted would expect to rent for £535.00pcm, you may find it could achieve a little higher when marketed, as it will have a private garden area. The shop once fitted out has someone wishing to take it at £60pw or £260pcm. There is one parking space going with the property which is felt would probably be best allocated to the shop, but it could be rented separately to any of the properties as you wish. There are no individual leases currently so if you decided to sell off any of the parts individually then you would be able to create leases to your choice and liking which gives you even more control. This also means you can long let or holiday let.You might even decide to leave the 4 flats currently let as they are, rent out the shop to the person who wants to have a small caf? there, and then rent out the last ground floor flat as a holiday let instead of a long let. This would give you a better income over the year, and mean you could use it to come over and have somewhere to stay if you were doing inspections or just wanting a break for yourselves or friends and family. Holiday let wise we normally expect to achieve per week in the July/August period a little bit more than what we would expect per month as a long let, so it could achieve £550 to £575 per week possibly, and you could use the parking space to go with the holiday let.


More information from this agent

Listing History

Added on Rightmove:
18 May 2018

Nearest station

  • Lymington Pier (5.3 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

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To view this property or request more details, contact:

Lancasters, Cowes

65 High Street Cowes PO31 7RL

01983 646100 Local call rate

How much will it cost me to call the number displayed on the site?

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Floorplans


To view this property or request more details, contact:

Lancasters, Cowes

65 High Street Cowes PO31 7RL

01983 646100 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest station

  • Lymington Pier (5.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Lancasters, Cowes

65 High Street Cowes PO31 7RL

01983 646100 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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