Key Information
- Gross income: £245,820 per annum
- 33 two and three bed apartments
- High profile position on the edge of the town centre
- Freehold price £3,500,000 to show a gross yield of 7.02%
- The development is for sale at a price of £3,500,000, which would show to the purchaser a gross initial yield of 7.02%. Proposal It is intended that the transaction will be structured so that the buyer will purchase the freehold of the landscaped area, outlined in red, that is in separate ownership to the management company, together with the long leasehold interests owned by the vendors, presently in two separate companies. On completion of the purchase, these two companies will transfer to the buyer those shares in the management company relating to their long leaseholds.
A purpose built residential development constructed during the early 2000s in an arrangement of 4 self-contained buildings, each providing a number of separate apartments over two stories. The buildings are constructed in brickwork, with a lower level of painted reconstituted stone, with attractive facades under a pitched slate roof. The windows are double glazed uPVC units. Each individual building provides a varying number of apartments that are all self-contained, with two or three bedrooms, together with the usual arrangement of reception and bathrooms. Externally, the development is laid out within a managed landscaped environment, each flat has the benefit of one private and allocated car parking space.
Location
Melton Mowbray is an important market town to the north east of Leicestershire, with an immediate population of 27,000. Alongside this, it has a thriving business community, with substantial occupiers including Melton Building Society, Samworth Brothers and Mars Petcare UK, together with a busy retail core at its heart. The Lancaster Walk development is located on the west of the town prominently overlooking the Leicester Road at the roundabout junction with Valiant Way and Ambleside Way, approximately one mile from the town centre. The Leicester Road is the main A607 that provides direct access to Leicester, approximately 10 miles to the southwest, but before this, access to the A46 outer ring road that facilitates accessibility to both M1 J21A and J22 at Bardon. The A46 and A1 trunk roads are also close by, providing access in a north-south direction.
VAT
VAT is applicable to the development, although the transaction is likely to be treated as a Transfer of a Going Concern (TOGC).
Service Charge
See comments made within the section on Tenure.
Services
It is believed that all mains services are connected to the site.
EPC
EPCs can be made available upon request.
Legal Costs
Each party is to bear their own legal costs incurred.
Accommodation
Measurements are quoted on a Gross Internal basis in accordance with the RICS Property Measurement Second Edition.
Viewing
Viewings are by appointment with sole agents Innes England