Block Of Apartments

Block of 3 Flats - Producing £14,400 PA

Northey Road, Bodmin, PL31 1JF

Property Information

Block of 3 Flats - Producing £14,400 PA

Northey Road, Bodmin, PL31 1JF

Purchase Price = £79,995

Finder’s Fee = £5,100

CASHFLOW AFTER ALL THE ABOVE COSTS 

Managed = £806 pcm = £9,672 per annum

Self Managed = £950 pcm = £11,400 per annum

Leasehold Terms :

  • Lease Term - 190 years left
  • £759 per annum service charge
  • Ground rent £250 per flat

Property Description

For a limited time only, we have managed to secure an income producing block of three apartments within proximity to Bodmin Town Centre.

  • The property is currently rented and achieving a total of £1,200 pcm = £14,400 per annum
  • Each of the three flats are Leasehold and each held on 200 year leases that commenced from 17th April 2015. For each flat the Ground rent is £250 per annum and the service charge £759 per annum.

The property briefly comprises:

  • 3 x Studio apartments which would benefit from a degree of modernisation
  • Open Plan

The property is conveniently situated in a perfect location within proximity to excellent transport connections, primary schools, local shops, and all the local amenities.

Location

The property is within proximity to:

  • 3.8 miles – Bodmin Parkway Station
  • 0.8 miles – Bodmin General Station
  • 0.9 miles – Bodmin College
  • 1.5 miles – Bodmin Community Hospital
  • 1.4 miles – Bodmin Retail Park

Rental

  • Apartment 1 – Rented for £400 pcm = £4,800 per annum
  • Apartment 2 – Rented for £400 pcm = £4,800 per annum
  • Apartment 3 – Rented for £400 pcm = £4,800 per annum

Current Gross Income = £1,200 pcm = £14,400 per annum

The Vision

  • To purchase the property for £79,995 and enjoy great cashflow.
  • Potential to refinance based on a commercial valuation allowing you to pull out a large majority of your initial capital.
  • Potential to title split the flats and refinance each title seperately.

Cashflow Forecast

  • Current Rental Income = £1,200 pcm = £14,400 per annum

Cost To Consider

  • Mortgage Cost = £250 pcm
  • Management @ 10% + Vat = £144 pcm

CASHFLOW AFTER ALL THE ABOVE COSTS

Managed = £806 pcm = £9,672 per annum

Self Managed = £950 pcm = £11,400 per annum

Capital Required To Get Involved

  • Purchase Price = £79,995
  • Deposit @ 25% = £19,999
  • Legals = £800
  • Stamp Duty = £4,000
  • Finder’s Fee = £3,600

Total Capital Required = £29,898

The Return On Investment based on an investment of £29,898

Managed = 34%

Self Managed = 40% 

We are in contact with a local letting agency within this location who would be able to manage the property. 

Next Steps

  1. Reserve
  2. View
  3. Proceed

Disclaimer - IMPORTANT NOTE TO PURCHASERS:

We endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and none is to be relied upon as statements of representation or fact. Any services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency is given. All measurements have been taken as a guide to prospective buyers only, and are not precise. Please be advised that some of the particulars may be awaiting vendor approval. If you require clarification or further information on any points, please contact us, especially if you are traveling some distance to view. Fixtures and fittings other than those mentioned are to be agreed with the seller.
Bodmin, PL31 1JF
Investment

£79,995

Purchase Price

£950

Cashflow PCM

40%

Return On Investment

£5,100

Finders Fees