Opportunity to acquire a highly discounted freehold residential investment comprising 5 apartments with significant rental uplift potential.
The existing property comprises a semi-detached building split into 5 self-contained apartments arranged across ground, first and second floors.
The property has planning as 4 self-contained C3 flats – over 5 years ago the vendor converted the ground floor into 2 flats and will provide a stat dec stating the 5th flat was created over 5 years ago.
All 5 units are also separately banded for council tax and pay separate utilities.
The apartments are let on ASTs, generating a combined passing rent of £62,520 per annum.
We are of the opinion that the apartments are significantly underlet and have an ERV of approximately £91,200 per annum, reflecting an initial yield of 7.01% at the purchase price. One of the units (Flat 3, 427 sqft - 1 bed) was recently let at £1,500pcm, thus justifying the ERV provided above.
Location
The property is located on Rondu Road, within the London borough of Camden and is approximately 9 minutes’ walk from Cricklewood railway station.
Accommodation
The 5 apartments comprise 5 x 1 beds, extending to a total area of approximately 2,346 sq. ft NSA.
Terms
Tenure - Freehold
Price on Application