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Fully Tenanted Block of 6 Freehold Flats
Purchase Price: 280K
Rental Income: £2578pcm
The Property Ombudsman: T02336
Jardon Investments LTD 11438850
Professional indemnity Insurance up to £1M
What's the latest on this?
Can you message me because, being new, I can't message you. Thanks
Hi. Im interested and would like more information and if possible to arrange a viewing
Please contact me.
If the flats are still available I would be interested if you could share more details?
Im from the area myself and I am looking for investments.
Please do send me more details as I am genuinely interested.
Apologies everyone, I didn't receive any notifications that somebody had commented. Our investor that was lined up dropped out as they couldn't get the funds in place.
The seller would like to move quickly so has now dropped the price to £270K. I have attached details of the flats below. If you are still interested please email me at firstname.lastname@example.org. I will then send my Terms of Business and once these have been filled out with proof of I.D. then we can arrange a viewing.
Off Market Opportunity:
Fully tenanted Block of 6 Freehold Flats in South Elmsall
P.P. £270K + 3% Fee, Rent £2578, Yield 11%
Professional indemnity Insurance up to £1M (policy schedule attached)
-Two properties on one title deed
-6 flats (3 leading of one corridor, 3 leading off another corridor)
-5 flats have two bedrooms. In 4 flats the “second bedroom” is being used to sleep in but these rooms are smaller than the minimum room requirements. These second bedrooms do not have a light switch but the light is instead connected to a socket at the wall. In the flats with two bedrooms, only one of the bedrooms has a window.
-All gas central heating (3 combi boilers, 3 older style boilers)
-Parking on road or in free car park opposite (most tenants do not own car and can walk to work in the factories)
-Flats on bus route and close to station
-Tenants are mainly factory workers so they are paid weekly and therefore pay their rent weekly. -Weekly rent means that the property is more accessible to tenants so they pay higher rent than market average.
-One tenant is in receipt of benefits so one weekly payment towards the end of the month always arrives a couple of days late but always arrives
-Tenants on 6 month rolling contracts
-Landlord has not protected deposits in a scheme. Says that the tennants just “overpaid” their first months rent. New Landlord is advised to set up deposit protection scheme properly.
- 5 Flats kept in good condition but longest tenant of 10 years does not heat their flat so there are problems with condensation and mould in his flat. The problems did clear up last year when he received Fuel Allowance and heated the flat for a month but has now returned to heating one room. This flat is currently being refurbished
-Property within walking distance of Factories, Home Bargains moved to area and Lidl being built within walking distance
-EPCs all redone as of June 2019
- If bought with mortgage/ re-mortgaged it will need a commercial mortgage so please take higher interest rates into consideration
-Flat roof on part of property
-New fencing has been put up outside but the guttering outside needs attention