- Freehold +
- By appointment with the Auctioneer +
SOLD BY PUBLIC AUCTION ON THURSDAY 25TH JULY 2024
BUY TO LET INVESTMENT: A FREEHOLD BUILDING CONTAINING 5 X SELF CONTAINED FLATS, FULLY LET WITH ANNUAL INCOME DUE TO INCREASE TO £39,408
A semi detached freehold building, close to Clacton Town Centre and Railway Station. The building contains five self contained flats that are all let on Assured Shorthold Tenancies, producing an income of £2,650 per calendar month (£31,800 per annum), however the seller is in the process of increasing the rent in line with the local authorities LHA rates from April 2024 that will see the annual income increase to over £39,000 which represents a yield just over 13.1% of the guide price.
Ground Floor - Flat 1 - 1 bedroom flat
Ground Floor - Flat 2 - 1 bedroom flat
First Floor - Flat 3 - studio flat
First Floor - Flat 4 - 2 bedroom flat
Second Floor - Flat 5 - 1 bedroom flat
All of the current tenants are in receipt of housing benefits and the seller has advised us that they have recently served section 13 (rent increase) notices to all tenants increasing in line with 2024-2025 LHA rates of £623 per month for flats 1,2, 3 & 5 and £792 per month for flat 4. This will increase the annual income to over £39,000 which represents a yield just over 13.1% of the guide price.
1 - £525 per calendar month (£6,300 per annum)
2 - £525 per calendar month (£6,300 per annum)
3 - £525 per calendar month (£6,300 per annum)
4 - £550 per calendar month (£6,600 per annum)
5 - £525 per calendar month (£6,300 per annum)
Total £2,650 per calendar month (£31,800 per annum)
Dedman Gray have not inspected all flats prior to the printing of this catalogue however we are advised by the seller that the flats themselves could benefit from modernisation and improvement.
Flat 1 - C, Flat 2 - C, Flat 3 - C, Flat 4 - D, Flat 5 - D