The property comprises a 5 storey period end of terrace which is within the Conservation Area but is not Listed. The building has been divided into 5 self-contained apartments and provides three 2 bedroom units and two 1 bedroom units. The lower ground floor apartment has its own private entrance to the front and rear and the apartments on the floors above are accessed off the communal parts with all flats having their own electric supply and gas central heating. To the rear, off road parking is available for 3 vehicles.
One of the apartments has been kept vacant for viewing purposes and the others are currently let with all of the tenancy agreements expiring by 16th July 2016 to enable a purchaser to take the opportunity to re-let on their own terms. It is estimated the current market rental value is £42,500 per annum.
Location
Charlotte Street runs between Tachbrook Road and Brunswick Street, approximately 0.5 miles to the south of Leamington Spa town centre and a similar distance from the railway station located from the A425 Old Warwick Road. Bus stops are found on the nearby main roads and lead to the town centre, Warwick, Kenilworth, Coventry and University of Warwick.
The general vicinity around the subject building comprises a mix of period or purpose built residential property, a variety of neighbourhood shops are within a short walk and various supermarkets are only a short drive away.
The area is popular with tenants which range from professionals to students and post graduates from the University of Warwick.
Accommodation
Lower Ground Floor – Apartment 1
Private front and rear entrance doors, entrance hall, lounge with feature fireplace, separate kitchen with built in cooker, free standing fridge freezer, plumbing for washing machine, double bedroom, bathroom with shower over the bath, two large walk in cupboards and gas central heating.
Ground Floor – Apartment 2
Entrance door from the communal hall on the ground floor, entrance hall, lounge with feature fireplace, separate kitchen with built in cooker, fridge freezer and plumbing for washing machine, double bedroom, bathroom with shower over the bath and gas central heating.
First Floor – Apartment 3
Entrance door from the first floor landing, entrance hall, lounge with feature fireplace, separate kitchen with built in cooker, fridge freezer and plumbing for washing machine, two double bedrooms both with built in double wardrobes, first floor balconies off the kitchen and the two bedrooms, bathroom with shower over the bath and gas central heating.
Second Floor – Apartment 4
Entrance door from the first floor landing, entrance hall, lounge with feature fireplace, separate kitchen with built in cooker, fridge freezer and plumbing for washing machine, two double bedrooms both with built in wardrobes, plus a separate walk in wardrobe off the hall, bathroom with shower over the bath and gas central heating.
Third Floor – Apartment 5
Entrance door from the first floor landing, entrance hall, lounge with feature fireplace, separate kitchen with built in cooker, fridge freezer and plumbing for washing machine, two double bedrooms both with built in double wardrobes, plus two separate walk in wardrobes off the hall, bathroom and shower over the bath and gas central heating.
Communal areas include an under stairs utilities cupboard housing the incoming mains water and gas meters. Each flat has its own electric supply with meters located in the communal hall.
There are 3 parking spaces at the rear accessed via the right of way to the right hand side of the property.
The apartments are let on assured shorthold tenancy agreements as follows:-
Apartment 1 – Tenants due to vacate 20th March 2016
Apartment 2 – Tenants due to vacate 12th April 2016
Apartment 3 – Vacant
Apartment 4 – Tenants due to vacate 16th July 2016. Paying £725 pcm
Apartment 5 – Tenants due to vacate 31st March 2016
It is estimated the total current market rental value is £42,500 per annum.
Terms
£765,000 for the freehold interest, subject to the existing occupancy agreements.
Specification
- 5 storey end of terrace period property.
- Well located within walking distance of town centre, bus routes and railway station.
- Converted into five 1 or 2 bedroom apartments.
- Estimated rental income of £42,500 per annum.