- ** This property is for sale by Milestone Online Auction. ** +
- Under Rented +
- Visit Our Website to Register For Auction +
- 2 x Commercial Units +
- 1 x 2 Bedroom Flat +
- 1 x Studio Flat +
18.6678% ROLI - FREEHOLD HIGH YIELD INVESTMENT PROPERTY For Sale By Online Auction Visit Our Website Under Rented Requiring Modernisation**
Feasibility
Strike Price £279,000
£279,000 x 30%( Deposit) = £83,700
Price £279,000 - Deposit £83,700 = £195,000 Total Loan
Total Loan £195,300 x 8% (interest rate) = £15,625
Total Rent £30,840 - Interest £16,772 = £15,215 Net Income
£14,068 / (divide) Deposit £83,700 = 18.6678%
Based on 8% interest and a 30% deposit
*****
Under Rented
2 bedroom Flats in this area rent in the region of £1000 to £1150 pcm
Studios Rent for £700 to £850 pcm
*****
Fantastic investment opportunity to acquire a property in the centre of Colchester in a very busy trading location. The property itself has two shops , a kitchen fitted out as for take away and a small dining area with space for 35 plus covers, a two bedroom flat with lounge and kitchen and a one bedroom studio town house . All fully let and producing £2570.00 PCM or £30,840.00 PA.
Close proximity to the town centre, car parks and eastern approach bus station and within walking distance to Colchester Town train station.( Copies of leases, EPC, electrical and Gas certificates available)
The shops currently trading as a takeaway and restaurant and has been establish for 8 plus years it has the space and facilities to lend itself to any cuisine. This property has relatively low overheads and currently has zero business rates payable. The Commercial tenant has assumed a new 5 year lease.
The restaurant areas benefits from exposed beams, strip lighting, hanging feature lights, and spotlights along with wall mounted display menus.
The flat above the property is a large 2 bedroom flat with separate kitchen, living room and separate bathroom facilities and balcony area. The townhouse at the rear behind the shops is a 1 bedroom studio townhouse with open plan living area and separate bathroom facilities.. The property can be acquired freehold with vacant possession with the current tenants at an 15% yield.
Colchester is a highly populated City which attracts many visitors and workers and currently has a residential population of over 194,706 residents in a affluent area with a catchment of 575,000 with very few takeaway licences being granted by the council.
Rents and Outgoings
All tenants pay their own rates, water and power.
The shop/shops are rented to the same tenant at £1200 pcm on a full FRI lease
Current Rent .Paid monthly £1200 PCM plus Buildings Insurance.
Both domestic premises are currently on a Shorthold Tenancy Agreement Basis but both tenants As with all my domestic properties. The rents in Colchester overdue for an uplift. Gallant Richardson who have been my residential agents for the last 20 odd years find me reliable tenants on a find tenant only basis at a fee of 70% of the first month's rent.
39C. The 2 bed roomed flat Current Rent .Paid monthly £750pcm
39D. The town house. Current Rent .Paid monthly £620pcm
39A and B Current Rent .Paid monthly £1200 PA.
All leases and paperwork are available for viewing in PDF format
The annual buildings insurance is currently £382 PA
Buyer Fees Do Apply and this is fixed at £8,995 + VAT
Tenure: Freehold