Palmerston Road, Shanklin

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Opportunity to purchase an investment block in central Shanklin.

Details

  • Price: £650,000
  • Bedrooms: 0
  • Tenure: freehold

Full Description

LOCATION
Located in the heart of the town centre, close to local shops and amenities and only a short stroll to the local train and bus stations.

Shanklin is situated to the South East of the Island an has a population circa 9072 (2011 census), this number is greatly boosted in the summer months as it is a prime spot for tourists visiting the Island.

DESCRIPTION
Offered for sale are 5 apartments with the following accommodation:
7 - Lounge/diner, kitchen, bathroom, 2 double bedrooms.
7a - Lounge/kitchen/diner, 2 double bedrooms, bathroom.
7b - Over two floors - Lounge/kitchen, bathroom, 2 double bedrooms.
7c - Kitchen, lounge, bathroom, 3 double bedrooms
7d - Lounge/diner, kitchen with utility room, bathroom, 2 double bedrooms.

The property was converted approximately 4 years ago and each unit benefits from their own separate entrances.

7a-7d is tenanted, the landlord has advised the current income for each apartment is as follows:
7 - Owner occupied
7a - £750pcm
7b - £750pcm
7c - £750pcm
7d - £750pcm
Please note the above rentals are in effect from 01/11/2019.

Total income £36,000. The vendor has informed us that a tenant will be taking on Flat 7 from November at a rental of £700pcm.

TERMS
Our client is asking for £650,000 for this freehold investment opportunity with the benefit of the tenancies in place. This will give a net yield circa 6%.

VIEWING
All viewings to be arranged via HRD Commercial. Due to the tenancies in place notice period will be required for viewings.

Estate Agent Details

Commercial Office
138 High Street
Newport

Phone: 01983 527727
Fax:
Email: commercial@hrdiw.co.uk