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Key selling points
- Unique one off development
- Yields to 6.4%
- Genuine 16% discount from valuation
- Super rental coverage (up to 135%)
- High quality - low prices
A substantial discount is being offered for the sale of the entire block, with this in mind we are looking for up to 5 individual investors to come together to purchase the development. A recent valuation (RICS) gave the combined value of £547,500 for the 5 apartments (4 x 2 bed 1 x 1 bed); the specially negotiated price is just £458,000, a 16.4% discount. I have personally inspected the building which should be complete by end of April this year. It is very well designed with high quality fixtures and fittings and is superior to the usual massed produced apartment developments. IMPORTANT: This is not a NO MONEY DOWN DEAL, you will need to be able to fund a 15% deposit to be part of this exceptional deal. However investors who want to recycle their deposit should be able to do so, generally within 3 - 6 months of completion, but as the finance market is changing fast it could be sooner. Please call for advice. This is a superb opportunity to buy an investment in a small easily managed development without any of the exorbitant service charge costs of larger developments. - 1 bedroom apartment, including parking - RICS Valuation = £80,000, purchase price £75,000 - expected rental return £400 pcm, yield = 6.4%
- 2 bedroom apartment, including parking - RICS Valuation = £100,000, purchase price £86,000 - expected rental return £450 pcm, yield = 6.27%
- Superior 2 / 3 bedroom apartment including parking - RICS Valuation = £127,500, purchase price £105,000 - expected rental return £525 pcm, yield = 6%
- 2 bedroom apartment , including parking - RICS Valuation = £110,000, purchase price £96,000 - expected rental return £475 pcm, yield = 5.93%
- Superior 2 bedroom apartment including parking - RICS Valuation = £130,000, purchase price £96,000 - expected rental return £495 pcm, yield = 6.18%%
Example purchase: Lot 2: Valuation = £100k, Purchase price = £86,000 (discount £14,000) Mortgage at 85% of purchase price = £73,100 Deposit required = £12,900 Monthly mortgage Interest payment @ 5.49% = £335 Monthly rental income (estimated) = £450 (134% rental coverage) Management available from 8% Please email with a contact telephone number to find out more,
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