About this property
A great opportunity to purchase an investment property in Shanklin with potential income circa £24,000 pa
Situated in Hatherton Road Shanklin this property is within walking distance of the town centre and beaches. The town of Shanklin offers many amenities including doctor’s surgeries, dentists, convenience shopping with multinationals and boutique stores alike and various eateries and leisure facilities.
The Esplanade offers great sandy beaches and has access to the revetment with walks to Lake and Sandown beaches.
Shanklin is within a short drive to Ventnor, Lake and Sandown and also has the Island Line Train that connects through to Brading and Ryde Pier Head which offers transport links to Portsmouth.
The property offers 4 apartments with the following accommodation:
Flat 1 Separate Entrance into Lobby, Bathroom, Kitchen, Sitting Room/ Diner, 2 Bedrooms. Gas fired central heating. This unit is currently occupied by the owner of the property but would achieve a further rental income circa £6,000pa.
Flat 2 Hallway, Kitchen/Diner, Sitting Room, Bedroom, Shower Room and Separate WC. Gas fired central heating.
Flat 3 Entrance Lobby with Living Room, Bedroom, Shower Room
and Kitchen off. This flat has most recently been refurbished and also offers gas fire central heating.
Flat 5 Hallway, Living Room, Kitchen, Bedroom and Shower Room. This unit has also recently been upgraded to include gas fired central heating.
The property is in very good condition throughout, is double glazed to Flats 2, 3 & 5 and offers lovely accommodation to residents.
To the front of the property is a lawned garden and the rear and side of the property offers off road parking and a south facing garden with a large workshop/store. This is currently utilised by the owner in Flat 1 but could be offered to all apartments for parking and communal gardens, if this is the case the rental income could potentially increase further.
The total current income from the three tenant occupied apartments is £17,580 per annum. If flat 1 were to be let this could increase to circa £24,000 per annum.
Our client is asking £350,000 for this investment property freehold. This shows a net initial yield circa 5%, if Flat 1 were to be let this would increase to circa 6.8%.
All apartments are currently rated Band A for Council Tax.
All viewings to be arranged via HRD Commercial. Please contact 01983 527727 to arrange access. Due to the nature of this property and the tenancies in place we need to give at last 48 hours’ notice for viewings.