Key Information
- Configured to provide 8 self-contained flats
- Redeveloped during 2023, providing high quality accommodation
- Fully let, producing a gross income of £66,000 per annum
- Purchase price: £942,000 which reflects a gross yield of 7.0%
- Situated in a popular residential area
- Access to the data room is available upon request.
- It is the intention to dispose of the freehold interest, subject to the tenancies within the building, at a purchase price of £942,000. A purchase at this level reflects a gross yield of 7.0%.
The INVESTMENT property comprises an attractive part two-storey and part three-storey building which was extended and comprehensively redeveloped during 2023 to provide 8 self contained residential apartments, arranged as: 3 x studios 4 x 1 bed flats 1 x 2 bed flat The original building is of solid brick construction beneath a pitched roof with a dormer projection to the rear elevation, clad with PVC and under a flat felt roof. Whilst the modern extension is of cavity brick construction beneath a pitched roof, encompassing dormer windows to the front and rear elevations. All of the windows in the premises have been fitted with UPVC double glazed units. Internally, the accommodation has been finished to a high standard throughout with each flat having; painted plastered walls and ceilings, laminate floor coverings, modern kitchen units with integrated hob and oven, together with shower rooms, incorporating an electric shower, WC and a wash hand basin, set within a vanity unit. Heating within each flat is facilitated by way of wall mounted electric heaters. To the rear of the site there is a brick paved courtyard area, accessed via a central under croft on which there are a number of garages/storage units.
Location
Leicester is a major East Midland's city lying to the east of the M1 Motorway at Junctions 21 & 22, with Junction 21 being the link with the M69 Motorway accessing easily into the West Midlands. The city lies to the east of the M1 motorway with the main junctions being J21 (M69) J21A (A46) and J22 (A511/A50). Rail connections to London are relatively frequent, with London St. Pancras being just over one hour's travelling time. The subject property occupies a prominent frontage position on Ivanhoe Street, lying approximately 1.1 miles north west of Leicester city centre in the Newfoundpool area of the city. Ivanhoe Street is located in-between Beatrice Road to the north and Pool Road to the south, which both lead to Fosse Road North, which in turn connects to the A50 to the north, and A47 to the south, both of which are main arterial routes leading into Leicester City Centre. There are a range of local amenities and services in the area. The location also benefits from an array of public transport links close by.
VAT
VAT is not applicable to the purchase price.
Services
We understand mains water, drainage and electricity are connected to the premises. Each flat is separately metered for water and electricity. The meters are situated within a meter cupboard off the ground floor communal hallway.
EPC
The flats have EPC ratings between C-D A full list of domestic ratings is available on: www.epcregister.com
Legal Costs
Each party is to bear their own legal costs incurred.
Accommodation
Ground Floor Flat 1 (1 x bed) - 370 sq ft Flat 2 (Studio) - 300 sq ft Flat 3 (1x bed) - 491 sq ft First Floor Flat 4 (1 x bed) - 373 sq ft Flat 5 (studio) - 313 sq ft Flat 6 (2 x bed) - 476 sq ft Second Floor Flat 7 (Studio) - 439 sq ft Flat 8 (1 x bed) - 599 sq ft TOTAL GIA: 3,361 sq ft
Viewing
Viewings are by appointment with sole agents Innes England.