- BLOCK OF FLATS
- 5X1 BED FLATS/STUDIOS
- IDEAL INVESTMENT PROPERTY
- SOLD AS A GOING CONCERN
- 100% OCCUPANCY ALL ON AST'S
- ALL SELF CONTAINED
- PARKING FOR TWO
- VERY CENTRAL TOWN LOCATION
- STRONG RENTAL YIELD
- MAINS SERVICES: ALL MAINS
A SUPERB INVESTMENT OPPORTUNITY. CENTRALLY LOCATED BLOCK OF FIVE SELF CONTAINED ONE BED FLATS/STUDIOS, ALL LET ON AST'S IN THIS FORMER PERIOD TOWNHOUSE. PARKING FOR TWO AT REAR. SOLD AS A GOING CONCERN.
LOCATION: Grosvenor Avenue is a quiet side street positioned within the immediate centre, just a short distance from the main high street whereby you can walk easily on foot to daily amenities that include various high profile leisure pursuits including some of Newquay’s most favoured beaches within the bay.
Living, renting or holiday within the town centre has never been more popular as the town has reinvented itself over the last decade or so. Gone are the stag and hen dos in favour of trendy bars, cafes, and restaurants, where you can have an evening cocktail, a morning artisan coffee, or a vegan lunch. Newquay is the coastal town of the moment in Cornwall, and Cornwall is definitely one of the most favoured counties in the country.
SUMMARY: This superb investment property is perfect for professional landlords looking to add to their portfolio. Formally a period townhouse converted many many years ago into five self contained one bed flatlets/studios that are all self contained, separately council taxed, individual EPC’s all rated E and above.
Sold as a going concern with 100% occupancy, all tenants on assured short hold tenancies with an annual income of £28,440 but great potential to improve the yield further.
On the ground floor there is a front and rear apartment, on the middle floor there are a further two front and rear apartments and on the second floor there is a single loft style apartment, five in total.
The ground floor front apartment is a one bedroom apartment with open plan lounge/kitchen and bedroom ensuite.
The ground floor rear is more like a studio with living/bedroom, separate kitchen, and shower.
The first floor front is also a studio with an open plan bedroom/living room, kitchen and shower room.
The first floor rear again a studio with open plan lounge/bedroom/kitchen and shower room that is separate to the apartment on the landing that is exclusively used by this apartment, number three is the smallest within the development.
The second floor loft style apartment also a studio has an open plan lounge/bedroom with separate kitchen and shower suite.
The ground floor rear apartment benefits from a small courtyard area and there are two parking spaces to the rear on a first come first serve basis, however, currently only one of the tenants has a car.
Rents currently stand at:
• Flat One: £520 pcm
• Flat Two: £500 pcm
• Flat Three: £350 pcm
• Flat Four: £500 pcm
• Flat Five: £500 pcm
These rents include water rates and gas fired central heating, tenants pay electric by coin metres and card metres and council tax. These rents would be considered low in today’s market, new owners could increase the rents if they choose on renewal of tenancy.
Newquay Property Centre offers a fully managed rental service and would be happy to discuss this service with any potential new owners.
No ongoing chain.
Agent's notes: Preliminary property details, awaiting Vendor verification.
WHAT WE LOVE: For investors this is an ideal ready to go with high yield property in a great central location, perfect for attracting tenants.