Palmerston Road, Shanklin

Opportunity to purchase an investment block in central Shanklin.


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

Full Description

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.

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.

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%.

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

Phone: 01983 527727