Palmerston Road, Shanklin, PO37 6AU

Residential for sale

£650,000


Opportunity to purchase an investment block in central Shanklin.

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.

Agents Notes Our description of any appliances and/or services (including any central heating system) should not be taken as any guarantee that these are in working order. None of the statements contained in these particulars as to this property are to be relied upon as statements or representation of fact nor is it intended to form any part of any contract.

Especially if travelling long distances, if there is any point of particular importance, please contact the office who will be pleased to clarify the information.

Floor plans are a schematic and are for guidance only. All measurements are approximate. Please note that if our photographs depict the property in a furnished condition, on completion all furnishings will be removed unless specifically mentioned elsewhere as being included in the sale.

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Here to Help

Mark Rhodes

Director

Lisa Mercer

Manager

Rhys King

Surveyor

Janet Morter

Negotiator

Laurie Calloway

Property Consultant

Edwina Grist

Administration

Tel: 01983 527727 Email Us: commercial@hrdiw.co.uk