Property for salePark Lane, Kidderminster
- Flat 3 Currently Let at £4,080 pa (£340 pcm)
- Flat 4 Currently Let at £4,080 pa (£340 pcm)
Freehold investment property comprising two flats let to long term tenants at a combined present annual rent of £8,160 (6.8% yield with good scope to improve).
* Each Property with a Private Parking Space
* Up and Coming Part of Town
Flat Three Porch - 1.32m x 1.02m (4'4" x 3'4") -
Flat Three Hall - 2.41m x 0.91m (7'11" x 3'0") -
Flat Three Bathroom L Shaped - 4.19mmax x 2.54m/1.42m (13'9"max x 8'4"/4'8") -
Flat Three Kitchen - 4.04m x 3.38m (13'3" x 11'1") -
Flat Three Lounge - 4.78m x 4.65m average (15'8" x 15'3" average) -
Flat Three Bedroom - 5.05m x 3.73m (16'7" x 12'3") -
Flat Four Hall - 3.35m average x 2.16m (11'0" average x 7'1") -
Flat Four Bedroom - 3.71m x 2.51m (12'2" x 8'3") -
Flat Four Living Room - 4.47m x 3.81m (14'8" x 12'6") -
Flat Four Kitchen - 2.90m x 1.78m plus 1.83m x 1.47m (9'6" x 5'10" plu -
Flat Four Inner Hall - 3.73m x 1.30m (12'3" x 4'3") -
Flat Four Shower Room - 1.91m x 1.40m (6'3" x 4'7") -
The property for sale forms part of a mixed use residential/commercial block known as Forest Complex at 200 Park Lane, conveniently situated close to Crossley Retail Park and the smart Weavers Wharf canalside shopping area. The area is seeing considerable regeneration with new restaurants due to open in 2017 at Riverside Walk adjacent to Weavers Wharf and it is also understood that there are plans for redevelopment of the Matalan site located close to the property for sale.
Flat 3 & 4 occupy the ground and first floor of the building depicted. Flat 3 is an attractive and characterful duplex apartment occupying the first and second floors of the building with the first floor layout including porch, hall, plus kitchen with electric oven and filter hood, oak effect wall and base cabinets, and new boiler fitted in 2016.
The lounge is of excellent proportions (15'8" x 15'3") with ornamental fireplace and hearth, three sash windows, timbered ceiling and pine wall panelling. A staircase with half-turn leads up to the excellent second floor double bedroom and dressing area, (16'7" x 12'3") with high pitched & timbered ceiling plus exposed timber framework separating the two areas.
Flat 4 is to the ground floor and was originally a shop, having obtained change of use consent to a residential flat but actually used currently as additional office space for the adjacent card shop business. It could therefore be let on a similar basis or re-adapted as a more conventional living space though some cosmetic updating is needed.
The layout includes hall, bedroom, living room, kitchen (arranged as two adjoining areas) inner hallway and shower room.
It is considered likely that the current yield of 6.8% could easily be improved, based on current market rents.
Both of the flats are let to long standing tenants and the rent has not been reviewed for some time.
The card shop premises to the ground floor includes an open plan sales showroom area arranged as two separate bays with sales counter plus kitchenette to the rear and access to toilets.
EPC Ratings: Flat 3: E. Flat 4: D.
Flat 2 to the first floor include lounge, kitchen, bedroom and bathroom which also gives access to a further room which could be used as a study or occasional bedroom, whilst flat 1 to the second floor includes lounge, breakfast kitchen with maple-effect units, stainless steel electric oven and gas hob plus wood laminate floor. There are two bedrooms and a bathroom, the whole flat being well presented throughout.
Mains gas, electricity, water and drainage are all connected with both properties having a gas-fired central heating system.
The property offers potential purchasers a good degree of flexibility as it would of course be possible to sell either of the flats individually at any time in the future.
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