Property for salePark Lane, Kidderminster
- Card Shop Currently Let at £5,000 pa
- Flat 1 Currently Let at £4,080 pa (£340 pcm)
- Flat 2 Currently Let at £4,080 pa (£340 pcm)
- Flat 3 Currently Let at £4,080 pa (£340 pcm)
- Flat 4 Currently Let at £4,080 pa (£340 pcm)
Freehold investment property comprising four flats and a retail shop let to long term tenants at a combined present annual rent of £21,320 (7.22% yield) with scope to improve.
* Each Property with a Private Parking Space
* Up and Coming Part of Town
The property for sale forms part of a mixed use residential/commercial block know as Forest Complex at 200 Park Lane, conveniently situated close to Crossley Retail Park and the smart Weavers Wharf canal side shopping area.
The area is seeing considerable regeneration with new restaurants having opened in 2017 at Riverside Walk adjacent to Weavers Wharf.
It is considered likely that the current yield of 7.22% could easily be improved, based on current market rents.
The properties for sale occupy two adjoining freehold buildings which are presently interconnected though it would be a simple matter to make each property self contained if necessary. The two buildings are available to purchase together, or separately.
The left hand building is noteworthy as the birthplace of the carpet industry in Kidderminster, with a blue plaque adding some historical interest. This building comprises Flats 3 & 4: Flat 3 being an appealing and well maintained duplex apartment with exposed timbers, sash windows and a spacious interior, whilst Flat 4 is presently let as storage/ office space to the owner of the card shop business next door, needing a little cosmetic attention to re-adapt as a residential flat though it has been granted both residential and commercial permission.
The central building includes the card shop which is well established with a longstanding tenant, whilst Flats 1 & 2 occupy the second and first floors respectively. 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 off the communal entrance lobby.
Flat 1 has a staircase from own entrance lobby leading up to landing with doors off to: 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.
Flat 2 provides a lounge, kitchen, bedroom and bathroom which also gives access to a further room which could be used as a study or occasional bedroom.
All of the flats are let to long standing tenants and the rent has not been reviewed for a number of years. The shop premises have also been let the same tenant for some years and it is understood that the business tenant is keen to agree a new 10 year lease if possible.
All mains services are connected with gas-fired central heating to all units.
The property offers investors a good degree of flexibility as it would of course be possible to sell the shop and/or either of the flats individually at any time in the future.
EPC Ratings: Flat 1: D. Flat 2: E. Flat 3: E. Flat 4: D.
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