LOCATION
Situated in Ryde, the Island largest town by population, this investment block is located within a very short walk of the town centre, beaches and transports links to the rest of the Island and passenger ferries to the mainland.
Ryde is a town to the North of the Island and has a population circa 24,000 (2021 census). It offers boutique and national retailers together with various schools, churches and amenities.
The Esplanade boasts miles of sandy beaches with walks to Seaview and beyond.
DESCRIPTION
Offered for sale is this mid terrace fully let investment unit. All properties with the exception of the basement are bedsit flats.
The property offers accommodation over 5 floors as follows:
Basement
Basement flat
Garden flat - A 1 bedroom flat with courtyard garden accessed via St Peters Mews.
Ground Floor
Flats 1 & 2
First Floor
Flats 3 & 4
Second Floor
Flats 5 & 6
Third Floor
Flats 7 & 8
The property is fully let and each tenant is on an Assured Tenancy Agreement. The current annual income is £57,300 per annum, this will provide a gross initial yield of circa 9%.
The property benefits from a mechanical ventilation heat recovery system which continuously supplies fresh, filtered air while extracting damp air. It recovers up to 95% of the heat from outgoing air using a heat exchanger to pre-heat incoming fresh air, reducing energy bills and reducing condensation.
Each property has their own electric card sub meter.
There is a boiler which feeds the whole property.
SERVICES
The property benefits from mains gas, electric, water and drainage.
TERMS
The property is available with a guide price of £625,000 for the leasehold of 950 years from 12 March 1865.
OUTGOINGS
Each apartment is rated for Council Tax.
