Property ID : 361
For Sale £169,000.00 - Terraced
For Sale – Investment Opportunity / Going Concern.
( N.B. for * Family Home * please see further details at Bottom. )
Reduced from £189,000 to £169,000. Offers in the Region Of
-Potential rental income = £20,000k +
-Current annual rental income £17,472-00
-Less bills = almost £15,000-00 net income
Owners have only actually increased the bills by just only £1 per year since the property was first purchased in 1994.
There is opportunity for far greater future profit especially if one of the long term tenants gives notice as the flat can be further updated and in return higher rents can be attained.
Owners are currently paying the Water Rates £885 Council Tax £1061.93.
Gas £650 p/a (Timed to come on for 1 hour in the AM and 2 Hours in the Evening.)
Tenants pay for their own electric
CCTV system covering entrance hall and rear garden
The property is registered under additional licencing with Newport city council for the last 15 years.
Completely legal and above board with existing planning certification for:
4 Self Contained 1 Bedroom Flats in FREEHOLD PROPERTY each comprising;
IN TOTAL: 4 LOUNGES, 4 KITCHENS, 4 BEDROOMS AND 4 BATHROOMS / ENSUITE
Gross Rental income £17,472 Giving a Good YIELD – Potential £20K+ Per Annum.
POTENTIAL for further improvements and GREATER RETURNS.
The owners have only increased the Rent by £23 over the last 23+ years
Complies with ALL Regulations and NCC Regulations Additional Licencing. Certificates / Floor plans Documents available for Viewing and PHOTOS.
Good Reliable paying 6 Month AST Tenants who have been in the property for up to 16+ Years.
Property has a been valued at £189k the owners are marketing the property at Sale Price – £169K.
Sale includes all Landlords Fixtures and Fittings.
Should you require any advice or help we can direct you to an independent financial advisor who will assist you further in these matters.
FLAT FLOOR PLANS / Photos / Documents and Certificates Available for Viewing
Over £30K spent on Property Improvements since 2004.
New UPVC Double Glazing to all Flats.
Central Heating and Hot Water to all Flats.
New Economy Gas Combi Boiler
All fully legal, meets with all Regulations for Newport City Council and others.
CERTIFICATES AVAILABLE TO VIEW :
Certificates of lawfulness with regards to Planning Consent / Regulations.
Fully licensed with Newport City Council.
Planning Consent Approval Certificates for newly installed Double Glazing. (No Fensa or Certass Certificate as the company didn’t provide one but I understand I can pay for an indemnity insurance to cover the Double Glazing)
Large level rear Garden with pedestrian access to Oxford Street and Parking.
Completion Certificates for Approved Grant aided improvements for all 4 flats.
Loft Cavity insulation Certificate 25 Years.
Damp proofing certificates 25 Years.
EPC Energy Performance Certificate – Valid until July 2020.
Current Gross Rental income £17k+ Giving a Good YIELD. Potential to earn up to £20K+ Per Annum We currently pay for water rates, council tax and the gas bills, however you could also benefit from this by charging the tenants for these costs. (The heating is timed to come on for 3+ Hours per day AM / PM in Winter time) Set to 21 Degrees
Centrally situated in Maindee Newport with easy access to shops, Banks, schools, cafes and bars with a Vibrant Nightlife, Main Bus Routes and within walking distance of Newport City Centre.
A Very Spacious Freehold Property with 4 SELF CONTAINED FLATS the Property Comprises of:
ENTRANCE HALL: Hardwood Entrance door, Inner door, Fire Extinguisher. Utility / Storage room with shared use of washing machine, Recycling disposal boxes and Extractor fan to outside.
Ground Floor Entrance to Flats 1, (Front) and Flat 2, (Rear) Approved Smoke Alarm.
Staircase to First Floor for Flat 3 (Rear) and Flat 4 (Front with Bay window) Fire Extinguisher to Landing. Approved Smoke Alarm.
Flat 1: Alarm System with Keypad, Detectors and External Siren. Approved Smoke Alarms.
Entrance door to Fire Hall with doors to:
Door to Bedroom 3M x 4.115 (Max measurements) Double Bed and Double Wardrobe, Radiator, window to Front and Power Points.
Door to Lounge 4.615M x 3.465M Radiator and Power points.
Open Plan Kitchen, Colour Coded 1 1/2 Bowl inset Sink with Mixer taps, Cooker Point, Built in Electric Hob and oven with Extractor Hood, A range of wall and base units. Window and Door to rear yard and Garden.
Door to Bathroom room, with shower cubicle and Electric shower, W.C. Pedestal Sink, window to side elevation and Radiator.
Flat 2: Alarm System with Keypad, Detectors and External Siren. Approved Smoke Alarms. Carbon Monoxide Alarm.
Door to Bedroom. 3220 x 1910. Double Bed and Double Wardrobe, Radiator and Power Points.
Door to Lounge. 4585 x 3530. Radiator, window to side elevation and Power Points.
Door to Kitchen. 3530 x 1800. Stainless Steel Sink with taps, Cooker Point, Electric Cooker, Fridge Freezer, Combi Economy Gas Boiler. A range of wall and base units. Radiator and Power Points with Window and Door to rear yard and Garden.
Door to Bathroom: 3500 x 1110. With shower cubicle and Electric shower, W.C. Pedestal Sink, window to side elevation and Radiator.
First Floor: Landing Entrances to:
Flat 3: Alarm System with Keypad, Detectors and External Siren. Approved Smoke Alarms.
Door to Hallway, Off Hallway, doors to:
Bathroom: 2580 x 1680. White Bathroom Suite, Bath with Electric Shower over, W.C. Pedestal Sink, window to side elevation and Radiator.
Bedroom: 2580 x 1830. Double Bed and Single Wardrobe, Radiator, Power Points. Window to Side Elevation.
Kitchen: 2580 x 1680. Stainless Steel Sink with taps, Cooker Point, Mini Cooker, Fridge, Freezer. A range of wall and base units. Radiator and Power Points with Window to Side Elevation.
Lounge: 3555 x 3270. Window overlooking Rear Garden, Radiator and Power Points.
Flat 4: Alarm System with Keypad, Detectors and External Siren. Approved Smoke Alarms.
Entrance door to Fire Hall with doors to:
Kitchen: 3670 X 1300. Breakfast Bar with Stools. Stainless Steel Sink with taps, Cooker Point, Mini Cooker, Fridge / Freezer. A range of wall and base units. Power Points with Window to Front Elevation.
Lounge: 4510 x 4500. A Large Spacious Lounge with Bay Window overlooking Chepstow Road. Fireplace, Radiator and Power Points.
Bedroom: 3900 x 3800. A Large Double Bedroom with En-suite Bathroom. Double Bed and Double Wardrobe, Radiator, Power Points, Window to Rear Elevation overlooking Garden.
En-suite Shower Room: 1500 x 1400. Tiled shower Enclosure, Electric Shower, W.C. Sink, Extractor Fan.
Outside: Rear: Level Garden with Pedestrian Access
Services: All main services, gas, electricity, water / drainage, telephone.
Current Planning Certification for: 4 Self Contained 1 Bedroomed Flats each comprising of :
Lounge, Kitchen / Breakfast room, Bedroom and Bath / Shower Room.
Planning would allow for Residential use or for Commercial use subject to Planning Approval.
All Flats are always clean, tidy and Newly Decorated when they are first let out – as you can verify by the Pictures for Flat 1, 2 and 4. However when you have tenants who have lived here for up to 16+ years, they tend to be complacent with their own Lifestyle and gather possessions that can clutter, the one flat would look so much nicer and better improved decluttered and with a lick of paint throughout.
A survey as with all properties, is recommended to satisfy your enquiries regarding all information to the property and services. Room sizes are approximate, these details are a guide only, this information does not form any part of an offer or contract, details of the sale would be included in the contracts issued to you by your solicitors
The rear Garden can be accessed Via the 2 Ground Floor Flats
and Via Oxford Street for the top 2 Flats. The Garden has been clear of Japanese knotweed for quite a few years now, however there are plans to lay a Patio foundation and the materials for this would cost £1,000.
* FAMILY HOME *: For Sale as A Going Concern with current Rental Income £17,472-00
with £20K + Potential. Should you wish to eventually use it as a Family Home you would have to give Notice To Tenants.
If you are a Cash Purchaser then that should be fine but if you wanted a mortgage You would need a Buy To Let Mortgage.
Should you wish to use it as a Family Home if you are a Cash Purchaser then that should be fine but if you later wanted a mortgage for a family home you would be unlikely to get one unless you removed 3 of the Kitchens. Converting it back to a Family Home is usually quite straight forward and never used to require planning
permission, however planning rules can change so it is always worth checking with the planning department.
- 1: LIVE IN ONE AND LET 3 OUT OR FAMILY HOME
- 2: ANNUAL RENTAL INCOME £17,472-00 LESS BILLS = ALMOST £15,000-00 NET INCOME. POTENTIAL - £20K INCOME.
- 3: ALL PLANS AND CERTIFICATES AVAILABLE.
- 4: WITH LARGE REAR GARDEN