Property Details: - Type: Block of apartments - Bedrooms: 7 - Bathrooms: 6
Agent: The Property Experts - London Phone: 0330 038 8233
An interesting freehold investment opportunity in an area of town which is currently undergoing some redevelopment and regeneration, positioned between the ring road (from which there is direct access to the property) and the Staffs-Worcs Canal which separates Park Lane from the smart Weavers Wharf retail park, together with the riverside cafe bars & restaurants, college, bus station and other town centre amenities.<br/><br/>This Grade II listed property - essentially comprising three adjoining and interconnected three storey buildings - includes five flats arranged over three floors (two flats are duplex units) plus two ground floor commercial units, with a total of 9 marked parking spaces to the forecourt. All flats/ units feature wooden framed double glazing and gas-fired central heating with own boilers.<br/><br/>Four of the five flats are currently let to long term tenants @ £450pcm and one flat is let @ £650pcm, ie £2450pcm/ £29,400pa whilst both commercial units are vacant, with the further possibility of conversion to create two additional residential units subject to planning consent.<br/><br/>The property is expected to provide a potential fully let rental income of around £45,000pa (approx 8.5% illustrative yield).<br/><br/>One of the two currently vacant ground floor commercial premises was successfully operated for over 30 years as a launderette business until moving to bigger premises. Demand exists locally to restart a launderette business here, whilst the other premises were operated as a dry cleaners business in recent years and previously a hairdressing salon. <br/><br/>The former salon is in well presented order, while the former launderette would need refitting to suit requirements. <br/><br/>The Forest Complex site is offered for sale as a single lot, however the seller would also consider splitting the site and is prepared to consider offers for the launderette premises + Flat 5 alone (these two units comprising the right hand building).<br/><br/>Flat 1: second floor (centre) two bedroom flat. floor area 69 sq m<br/>EPC rating D67. Let on statutory periodic tenancy following assured shorthold tenancy @ £450pcm.<br/><br/>Flat 2: first floor (centre) one bedroom flat; floor area 59 sq m<br/>EPC rating D63. Let on statutory periodic tenancy following assured shorthold tenancy @ £450pcm.<br/><br/>Flat 3: first & second floor (left side) one bedroom duplex flat; floor area 77 sq m<br/>EPC rating E51. Let on statutory periodic tenancy following assured shorthold tenancy @ £450pcm.<br/><br/>Flat 4: ground floor (left side) one bedroom flat; floor area 52 sq m<br/>EPC rating D62. Let on statutory periodic tenancy following assured shorthold tenancy @ £450pcm.<br/><br/>Flat 5: first & second floor (right side) duplex two bedroom flat; floor area 98 sq m<br/>EPC rating C76. Let on an assured shorthold tenancy @ £650pcm.<br/><br/>Ground Floor Former Shop/ Office/ Studio: floor area 32.3 sq m <br/>Currently vacant.<br/>Rateable Value £2325 x 49.9p small business multiplier (2024/25)<br/><br/>Ground floor Former Launderette: floor area 67.4 sq m<br/>Currently vacant.<br/>Rateable Value £4600 x 49.9p small business multiplier (2024/25)<br/><br/>All five flats are rated by Wyre Forest District Council as Band A for council tax.<br/>Mains gas, electricity, water & drainage are all connected.<br/><br/>Mobile Coverage: 4G coverage is available in the area - please check with your provider.<br/><br/>Broadband Availability: Superfast broadband (FTTC) is available in the area.<br/><br/>
