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Madeira Road, Totland Bay Guide Price £550,000

Sold STC
7    5    5
  • Superb Freehold Property
  • Nearing Conversion Completion
  • 5 Apartments & 1 Commercial Unit
  • Expected 6% Return Minimum £35220 p/a
  • 4 Flats Completed & Let achieving £25680 p/a
  • Ground Floor Flat Underway
  • Commercial Unit Unfinished
  • Some Outside Space & Parking Included

SOLD BY LANCASTERS. Your opportunity to own Egan House, a Grand Victorian Villa close to Totland Bay. Converted into a block of 5 Apartments with the benefit of a commercial unit on the ground floor. Most of the conversion is complete with 4 of the apartments already let. * Fabulous Investment * Freehold Property * Coastal Village Location *


Madeira Road
Totland Bay PO39 0BJ

Introduction:

Close to Totland Bay is this Freehold chain free semi detached property, which has been converted into a block of 5 Apartments with the benefit of a commercial unit on the ground floor. Most of the conversion is complete with 4 of the apartments already let, the last ground floor apartment is underway and the commercial unit is incomplete but has planning permission. Currently the income is £25,680 pa but is expected to be at least £35,220 pa once finished. This property is being offered for sale as a whole freehold building with only a small corner on the ground floor already leased out on a 999 year lease to the Post Office. The block has 4 finished flats currently and 1 flat and 1 shop being converted. The finished 2 x 1 Beds both achieve currently £495.00pcm rent. The 2 x 2 Beds both achieve currently £575.00pcm rent. The garden flat being converted would expect to rent for £535.00pcm, you may find it could achieve a little higher when marketed, as it will have a private garden area. The shop once fitted out has someone wishing to take it at £60pw or £260pcm. There is one parking space going with the property which is felt would probably be best allocated to the shop, but it could be rented separately to any of the properties as you wish. There are no individual leases currently so if you decided to sell off any of the parts individually then you would be able to create leases to your choice and liking which gives you even more control. This also means you can long let or holiday let.

Flat 1

First Floor 1 Bedroom apartment achieving £495pcm

Flat 2

Living Room

16' 1'' x 16' 2'' (4.912m x 4.934m)

Bedroom 1

16' 2'' x 9' 9'' (4.938m x 2.967m)

Bedroom 2

11' 10'' x 6' 0'' (3.602m x 1.835m)

Bathroom

11' 9'' x 5' 1'' (3.582m x 1.549m)

Flat 3

Living Room

16' 2'' x 16' 1'' (4.934m x 4.912m)

Bedroom 1

16' 2'' x 9' 9'' (4.938m x 2.967m)

Bedroom 2

11' 10'' x 6' 0'' (3.602m x 1.835m)

Bathroom

11' 9'' x 5' 1'' (3.582m x 1.549m)

Flat 4

Living Room

16' 1'' x 15' 4'' (4.902m x 4.669m)

Bedroom

16' 4'' x 10' 3'' (4.973m x 3.114m)

Bathroom

12' 0'' x 6' 3'' (3.666m x 1.904m)

Garden Flat

Living Room

16' 6'' x 15' 0'' (5.021m x 4.568m)

Bedroom

16' 0'' x 9' 9'' (4.882m x 2.974m)

Shower Room

Shop & Store Room with WC

Post Office with Store Room & WC

Already leased out separately so not included in the sale price.


Madeira Road
Totland Bay PO39 0BJ
Name Location Type Distance