Morton Reeves Estate Agents
We offer honest advice decanted from excellent local knowledge and many years of experience in the Norfolk and North Suffolk property markets. But... we are using new techniques to sell homes to the buyers of today. We offer full video walk throughs combined with superb photography and quality brochures to show property at its absolute best.
Park Lodge Apartments with income of $50,000 per year (just under 7% return)
THESE PROPERTIES ARE BEING SOLD DUE TO RETIREMENT
Each of the 7 apartments has its own private parking space to the rear.
There are a mixture of 3 x 2 bedroom and 4 x 1 bedroom self-contained apartments, all with electric heating and UPVC double glazing.
The properties are currently rented and create an excellent income and return of **just under 7% ($50,000 per annum).
The sale includes the Freehold** of the block and prospective investors should be aware that some of the tenants have been very long term and there is potential for rent increases moving forward.
These properties are facing the beautiful St Georges Park in the centre of Great Yarmouth town and are an excellent opportunity to generate not only an annual income but will provide excellent capital growth over time due to the increasing accessibility of the East of the Anglia region.
The current owners have experienced excellent occupancy levels and have had few void periods in their 'twenty something' years of ownership.
In total there are nine units in the building, 2 of which are not included in this sale and are on 999 year leases with Ground Rent and Maintenance charges payable on an annual basis.
There has been a continual maintenance programme including the replacement of all the windows to UPVC double glazing. Due to these flats all appreciating a southerly aspect they are all light and bright and have views in the main part over the St Georges Park. Parking spaces are allocated and the heating system is on a Night storage system.
For more information on the individual rents, Leases, risk reports or general enquires please call Morton Reeves on 01603 673322.
VISIT THE ADDRESS BELOW FOR MORE DETAILS REGARDING THE STAMP DUTY SITUATION. https://www.gov.uk/guidance/stamp-duty-land-tax-relief-for-land-or-property-transactions