Description -

The premises comprise a detached block of flats over three floors. There are six two-bedroom and six three-bedroom flats, each of which has a balcony area. The building is estimated to have been constructed in the 1930s but has been improved over the years. Access to the premises is direct from Totteridge Road along a shared driveway leading to the garages.

Immediately to the rear of the flats is a block of garages with parking. There is potential to redevelop the garage block and relocate the parking to the front garden area subject to the necessary planning consents. There are mature gardens to the front and rear of the block.

The flats are in basic condition and the enhancement of the existing flats would offer the possibility of improved rental levels or individual sales on a long leasehold basis in order to maximise the buildings potential value.

INVESTMENT SUMMARY
The flats are all let on an assured shorthold basis and currently the total rent roll is £11,180 per calendar month / £134,160 per annum and there is one vacant flat. The typical rent roll is in the order of approximately £12,280 pcm / £147,360 per annum when fully let. Typically, we are advised that the gross profit before tax is in the order of £100,000 per annum once management, voids and repairs are deducted.

The premises are currently managed by an agent and ongoing maintenance of the exterior and common parts is the responsibility of the landlord. Tenancy schedule available on request.

Accommodation -

The premises comprise the following accommodation:

Ground Floor- 2x3 bed flats & 2x2 bed flats
First Floor- 2x3 bed flats & 2x2 bed flats
Second Floor- 2x3 bed flats & 2x2 bed flats

- There are 12 garages at the rear of the site.
- Site area believed to be just under 0.7 acre.
- Plans are available on request.

Terms -

£2,295,000 for the freehold interest.

VAT is not applicable.

DUE DILIGENCE
Any interested parties will be required to provide company information and proof of funds to comply with anti money laundering legislation.

Energy Performance Rating -

See brochure for each flat.