ATTENTION INVESTORS! BELVOIR ARE PROUD TO BRING TO THE MARKET A FULLY TENANTED, FREEHOLD BLOCK OF 8 APARTMENTS CLOSE TO BOSCOMBE BEACH. THIS UNIQUE OPPORTUNITY ALSO INCLUDES LAND WITH PLANNING PERMISSION TO BUILD A DETACHED THREE BEDROOM HOUSE.
This is a fantastic opportunity to purchase a freehold block of 8 apartments currently fully tenanted achieving a strong rental yield.
The block consists of;
> 5 x 1 bedroom flats
> 2 x 2 bedroom flats
> 1 x 3 bedroom penthouse
All but 3 of the flats have been recently referbished to provide a modern finish to maximise the rental returns.
The other 3 have been tenanted long term and offers an opportunity to add value once vacant.
We have not been able to measure all of the flats within the block, however understand the one bedroom flats to be in the region of 40sqm - 45sqm, the two bedrooms to be in the region of 60sqm and the top floor 3 bedroom apartment to be in the region of 80sqm.
The majority of the flats come with a garden or terrace providing an outdoor space for tenants.
There are parking spaces to the front of the building and further spaces at the front for on road parking with no restrictions.
The estimated individual valuations for the flats
Flat 1: £200.000
Flat 2: £155.000
Flat 3: £200.000
Flat 4: £165.000
Flat 5: £165.000
Flat 6: £165.000
Flat 7: £175.000
Flat 8: £275.000
*Please note that these are not surveyor valuations, however give an estimate for the amount the vendor would expect to sell each apartment for if sold individually based on the current market conditions.
Strong rental yields
All but one of the apartments are currently let out on Assured Shorthold Tenancies achieving in the region of £80,000* per annum. This offers investors a gross yield of over 5.5%
The location is a hot spot for rental properties reducing any risk of void periods. There may be a future potential of offering some or all of the flats available as holiday lets (subject to planning) which could significantly increase rental income further.
> The photos attached are a selection of the flats available within the building. Not all flats have been included as we do not have photographs at this time.
> Please be aware that there should be no direct approach to the property, and all viewings are to be made strictly through the agent after proof of finance has been obtained.
Land with planning
To the side of the main building is a large piece of land which was formally a detached garage with apartment above.
This area of land has now been cleared and has previously had permission to build a three bedroom detached house. This provides a fantastic investment opportunity as we believe the new build house would be valued in the region of £300,000-£325,000.