Sold 8 Bed Block of Flats
London Road, Cheltenham £695,000
Property Features
London Road, Cheltenham, Gloucestershire, GL52 6HL
Contact Agent
12109_1101/103 Promenade
Cheltenham
Gloucestershire
GL50 1NW
Tel: 01242 222722
sales@charleslear.co.uk
About the Property
An impressive Grade II Listed period property now converted into eight flats. This residential investment opportunity is to be sold as a going concern with the existing tenants to remain in situ. 107 London Road provides an income of approx. £40,000pa. and a subsequent yield of 5.75%.
Property Details
Description
An impressive Grade II Listed period property now converted into eight flats. This residential investment opportunity is to be sold as a going concern with the existing tenants to remain in situ. 107 London Road provides an income of approx. £40,000pa. and a subsequent yield of 5.75%.
The interest to be sold is freehold and is subject to the following monthly rental figures, as at June 2016.
Flat 1 – £420.00
Flat 2 – £425.00
Flat 3 – £425.00
Flat 4 – £395.00
Flat 5 – £425.00
Flat 6 – £370.00
Flat 7 – £375.00
Flat 8 – £450.00
£3,285pcm.
£39,420pa.
The property has one gas fired boiler which provides hot water to the flats. The present owner is responsible for the gas bill which is approximately £100pcm.
Each flat has its own separate supply of electricity which is used to provide heat, light and power. The responsibility for the electricity bill is that of the individual tenants.
There is one water supply to the property and the present owner is responsible for the water bill which is approximately £100pcm.
We are advised by the vendor that many of the tenants have been in residence for some time and have not had periodic increases in rent which would suggest that the return on your investment could be improved.
Each flat benefits from off road parking and there is a garage, both of which are accessed via Avanall Parade.
This is a substantial double fronted residential investment property, Listed Grade II, having rendered and painted elevations, deep sash windows under a parapet roof. The property is bounded by wrought iron railings and is approached via an impressive colonnaded portico. Internally, the communal areas and individual flats are in generally good condition.
Situation
107 London Road is within some 200yards from the junction with Old Bath Road. There are a small number of local shops at this junction and a wider range are also available within walking distance at Sixways whilst the High Street and Promenade are both within some 10-15minutes walk. Sandford Park and the Lido is a short walk away as is the General Hospital. Cheltenham boasts a wide range of internationally renowned festivals including the famous Gold Cup National Hunt Festival in addition to the popular Literary, Science and Music Festivals held in some of Cheltenham’s fine gardens and landmark buildings.
General Information
Services:
Mains gas, electricity, water and drainage are connected to the property.
Local Authority:
Cheltenham Borough Council: 01242 262626.
Viewing:
Strictly by prior appointment through Charles Lear & Co. on 01242 222722.
AGENTS NOTE
We understand that the flats are let on assured shorthold tenancy agreements.
