About this property
Investment opportunity. 5 fully let apartments.
Situated on Weeks Road in a predominantly residential area.
Weeks Road is just within a short walk away from Ryde High Street which offers shops such as The Co-Operative, Iceland, The Works, Poundland and Costa Coffee. Also popular with shoppers is a mix of boutique and local traders all located approximately 10 minuets walk away from this property. Also situated in Ryde are local Doctors and Dentists surgeries, also Specsavers.
Ryde is the Largest Town on the Isle of Wight having a population of around 25,000, making it very popular with tourists and day-trippers. Links to the mainland are easy in Ryde as the Catamaran and the Hovercraft run serval times during the day.
A detached Victorian property which has been converted into 5 apartments. These five flats were previously let on 6 monthly ASTs and are now offered with vacant possession.
Each flat is self-contained, flats 1 & 2 offer 2 bedrooms and flats 3, 4 & 5 offer 1 bedroom. The property benefits from a communal garden to the side and rear and the possibility of creating parking spaces if required.
Accommodation is as follows with approximate sizes:
Flat 1 – living room 3.1m x 3.3m, kitchen 2.7m x 2.2m, bed 1 3.4m x 3.8m max, bed 2 2.9m x 1.5m, shower rm.
Flat 2 – living room 3.2m x 3.7, kitchen 3.2m x 2.3m max, bed 1 3.5m max x 2.5m, bed 2, 1.6m x 3.5m, shower rm.
Flat 3 – living room 3.2m x 4.9m max, kitchen 2.4m x 2.7m, bed 3.9m x 2.6m, shower room.
Flat 4 – living room 3.2m max x 4.9m max, kitchen 2.4m x 2.7m, bed 3.9m x 2.6m, bathroom.
Flat 5 – 1 bedroom apartment, sizes not currently available.
Planning permission has been granted to develop the site with a two storey extension to create 3 further self-contained 1 bedroom apartments. The planning permission has just been renewed on this and plans can be seen at iwight.com under P/01291/18.
Our client is currently asking £425,000 for this freehold property. The previous rental income was circa £29,400 per annum.
Proposed parking for 4 vehicles.
The planning permission has been granted under P/01291/18 for a further 3 x 1 bed flats.
All viewings to be arranged by HRD Commercial. Please contact 01983 527727 to arrange a convenient time.