Freehold residential investment property with 14 leasehold apartments in Tiverton Devon
Tiverton, Devon
- Status
FOR SALE
- Advert ID
642040
- Reference
INV36525N / Rightbiz
- Call Agent:
- Freehold: £345,000
- Turnover: £38,000 (£731 per week)
- Profit: Not Applicable
Business Details
FREEHOLD INVESTMENT PROPERTY OPPORTUNITY
Modern FREEHOLD RESIDENTIAL PROPERTY INVESTMENT and PROPERTY MANAGEMENT opportunity generating multiple income streams. Situated in the popular town of TIVERTON, occupying an attractive elevated site providing far reaching views, overlooking the Grand Western Canal which forms part of the MID DEVON Country Park and Nature Reserve. A sought after area, being easily accessible, the town centre with all its amenities only a short drive away, the regional capital of EXETER quickly reached.
Comprising a quality development of 14 Leasehold apartments (3 owned, 8 x 99 year leases, 3 x 125 year leases) for the over 55's community, offering independent living in a secure environment. Each apartment is built and fitted to a high standard, the apartments are arranged over 4 floors, benefiting from lift access, communal seating area, laundry facilities, attractive well maintained gardens and car parking.
Offered for sale is the Freehold from which annual Ground Rents are received, along with the Management Company from which 20% of the Service Charge generated is received. In addition to this, included in the sale price are 3 apartments retained by the vendor which can be rented out to provide additional income or sold off. Potential future income from Lease renewals.
Current Ground Rent £500 per annum per apartment which can be reviewed annually but has not been increased since completion of development. Current Service Charge £326.07 per month per apartment plus £250.00 per month from neighbouring property. Should new owners retain the 3 apartments then rental income of £850 per month (inclusive of service charge) considered achievable. Potential total income achievable approaching £38,000 per annum, could be higher should new owners undertake cleaning/gardening/maintenance duties themselves.
Freehold £345,000 Ref: INV36525N
VIEWING STRICTLY BY PRIOR APPOINTMENT THROUGH THE SELLING AGENTS EVERETT MASSON AND FURBY 01404 813762.
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Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.
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The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.
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Send a test amount before you consider handing over a large number of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.
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Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.
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Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.
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Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.
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Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.
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