Well located residential investment
Attractive central location
Income producing with potential to improve
Current income £42,720 p.a.
Estimated full rental value £49,740 p.a.
Ashby is a popular area in Scunthorpe and Ashby High Street is renowned as providing an attractive location with numerous national, regional and local retailers represented along its length. The mix of shops provides a good range of facilities for the surrounding residential area which comprises a number of houses, flats and bungalows across a mix of owner occupied, private rented and social rented tenures.
Description
Globe House is situate at the corner of Ashby High Street and Modder Street above a range of retail units and has been well converted to provide a range of one- and two-bedroom flats with good levels of occupancy.
Access is via an electronic door entry system on Modder Street leading to a shared stairwell with individual flats accessed at first and second floor levels. 25a The Broadway is accessed seperately and is situated at the eastern end of the building.
Accommodation
Address | Size | Rent (p.a.) | EPC |
Flat 1 Globe House | 1 bedroom | £4,200 | D |
Flat 2 Globe House | 1 bedroom | Vacant | D |
Flat 3 Globe House | 1 bedroom | £5,400 | D |
Flat 4 Globe House | 1 bedroom | £5,400 | D |
Flat 5 Globe House | 1 bedroom | £5,400 | D |
Flat 6 Globe House | 1 bedroom | £5,100 | D |
Flat 7 Globe House | 2 bedroom | £5,520 | D |
Flat 8 Globe House | 2 bedroom | £5,400 | D |
25a The Broadway | 2 bedroom | £6,300 | C |
All of the flats are currently let on Assured Shorthold Tenancy Agreements. Many of the occupants have been tenants for several years.
Terms
SERVICE CHARGE
A service charge is payable to the freeholder of the building for external repairs and maintenance of common parts, this equates to approx. £6,000 per annum.
DISPOSAL TERMS
The premises are offered for sale at a guide price of £425,000. A purchase at this price equates to a net initial yield of 8.1% with potential to improve to a reversionary yield of 9.6%.
Property Enquiry
Copyright © Scotts Property LLP, 2007 - 2024. All Rights Reserved.
Design & Build by eyeweb