1 – 16 Meridian Place, East Road, Bromsgrove

Features

  • RESIDENTIAL INVESTMENT
  • 15 SELF-CONTAINED FLATS
  • SUPERB LOCATION
  • CURRENT RENTAL INCOME CIRCA £95,000 PA
  • POTENTIAL FOR RENTAL GROWTH
  • FIRST TIME PROPERTY BEEN OFFERED TO THE MARKET
  • FREEHOLD

LOCATION

Meridian Place is situated in a superb, elevated location on East Rad off New Road, approximately 0.25 miles from Bromsgrove High Street, in a popular and established residential area.

Bromsgrove is a thriving Market Town approximately 16 miles north-east of Worcester and 13 miles south-west of Birmingham. The Town benefits from superb transport communications, being situated at the junction of the M42 and M5 Motorways and having a Railway Station on the main Birmingham to Gloucester line; all within 5 minutes’ drive of Meridian Place.

DESCRIPTION

The Property comprises a two-storey block of 15 self-contained one and two bedroom Flats, accessed off three communal entrance halls, each (save Flat 7) benefiting from a single garage.

The Flats comprise Lounge, Kitchen, Bathroom and either one or two Bedrooms. The decoration and standard of fittings vary between Flats and all benefit from gas or electric heating.

Outside, there are well maintained grounds, parking areas and garages.

TENURE

Freehold.

LEASES

Each of the Flats were let on Assured Shorthold Tenancies, with the majority now occupying by way of Periodic Tenancies. The total current rental income is £85,320 per annum; however, Flat 15 is currently vacant, increasing the income to £92,820 pa when let.

The Tenants are liable for all utilities which are separately metered.

Please contact us for full information of the Tenancies.

ASSET MANAGEMENT POTENTIAL

There is potential to improve the rental income by undertaking a programme of selective works and rent increases.

STATUTORY OBLIGATIONS

All of the Flats comply with Gas Safe and Electrical requirements. In addition, the Property complies with Fire Risk requirements.

PURCHASE PRICE

£1.6m

LEGAL FEES

Each party to bear their own fees.

VIEWING

Strictly by appointment with our Office on 01527 584242.

SSTC

1 – 16 Meridian Place, East Road, Bromsgrove

Property ID:

Call 01527 584 242 PDF Download

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Guide price

£1,600,000.00

1 – 16 Meridian Place, East Road, Bromsgrove

Call 01527 584 242 PDF Download

Property ID:

Share this property

Description

£1,600,000.00

1 – 16 Meridian Place, East Road, Bromsgrove

Features

  • RESIDENTIAL INVESTMENT
  • 15 SELF-CONTAINED FLATS
  • SUPERB LOCATION
  • CURRENT RENTAL INCOME CIRCA £95,000 PA
  • POTENTIAL FOR RENTAL GROWTH
  • FIRST TIME PROPERTY BEEN OFFERED TO THE MARKET
  • FREEHOLD

LOCATION

Meridian Place is situated in a superb, elevated location on East Rad off New Road, approximately 0.25 miles from Bromsgrove High Street, in a popular and established residential area.

Bromsgrove is a thriving Market Town approximately 16 miles north-east of Worcester and 13 miles south-west of Birmingham. The Town benefits from superb transport communications, being situated at the junction of the M42 and M5 Motorways and having a Railway Station on the main Birmingham to Gloucester line; all within 5 minutes’ drive of Meridian Place.

DESCRIPTION

The Property comprises a two-storey block of 15 self-contained one and two bedroom Flats, accessed off three communal entrance halls, each (save Flat 7) benefiting from a single garage.

The Flats comprise Lounge, Kitchen, Bathroom and either one or two Bedrooms. The decoration and standard of fittings vary between Flats and all benefit from gas or electric heating.

Outside, there are well maintained grounds, parking areas and garages.

TENURE

Freehold.

LEASES

Each of the Flats were let on Assured Shorthold Tenancies, with the majority now occupying by way of Periodic Tenancies. The total current rental income is £85,320 per annum; however, Flat 15 is currently vacant, increasing the income to £92,820 pa when let.

The Tenants are liable for all utilities which are separately metered.

Please contact us for full information of the Tenancies.

ASSET MANAGEMENT POTENTIAL

There is potential to improve the rental income by undertaking a programme of selective works and rent increases.

STATUTORY OBLIGATIONS

All of the Flats comply with Gas Safe and Electrical requirements. In addition, the Property complies with Fire Risk requirements.

PURCHASE PRICE

£1.6m

LEGAL FEES

Each party to bear their own fees.

VIEWING

Strictly by appointment with our Office on 01527 584242.