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Park Lodge Apartments, 7 properties generating nearly £40,000 per year income.

Posted by Morton Reeves Estate Agents

12 May, 2020

Park Lodge Apartments, 7 properties generating nearly £40,000 per year income.

US$803,371.00

A block of apartments located just a stone’s throw from this busy seaside town centre of Great Yarmouth. Each of these 7 properties 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 income close to £40,000 per annum. The sale includes the Freehold of the block and prospective investors should be aware that some of the tenants are very long term and there may be potential for rent increases moving forward. This property is being sold due to retirement. These properties are facing the beautiful St Georges Park in the centre of town and are an excellent opportunity to generate not only an annual income but have excellent capital growth potential over time due to the increasing accessibility of the East of the Anglia region. The current owners have experienced excellent occupancy levels and have few void periods, 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. 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 basis. For more information on the individual rents, Leases, risk reports or general enquires please call Morton Reeves on 01603 673322. Our knowledge of these buildings reaches back to the early 1990's.

Condition

PRE-OWNED

Ship From

United Kingdom

Bathrooms

6+

Living Area

3200

Address

Park Lodge Apartments Crown Road Great Yarmouth Norfolk

Amenities

Busy town center of Great Yarmouth in walking distance.

Bedrooms

6+

Floors

3

Land Area

Front courtyar and rear parking area

Location

Great Yarmouth

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