Oakley House, East Road, Bromsgrove, B60 2NN

Features

• SUPERB LOCATION
• CURRENT RENTAL INCOME - £99,660 PA
• ASSET MANAGEMENT OPPORTUNITY
• EXPANSION LAND - 0.57 ACRE SITE
• 10 LOCK UP GARAGES
• EXTENSIVELY REFURBISHED IN 2018
• DEVELOPMENT POTENTIAL
• PLANS AVAILABLE

LOCATION

Oakley House is situated in a desirable, elevated location on East Road, approximately 0.25 miles from Bromsgrove High Street, within a popular residential area.

Bromsgrove is a thriving Market Town approximately 14 miles north-east of Worcester and 16 miles south-west of Birmingham.

Transport links are excellent with convenient access to the M42 and M5 Motorways, via the A38. Bromsgrove Railway Station is on the main Birmingham to Gloucester line.

DESCRIPTION

The Property comprises a detached three-storey block of 14 self-contained one and two bedroom Flats, the majority being accessed off a communal entrance hall.

Internally, the Flats are configured to provide a Lounge, Kitchen, Bathroom and one or two Bedrooms. The Flats are generally in very good decorative order and are well specified, having been refurbished within the last 5 years.

Externally, there is plenty of parking on-site and 10 separately let garages. In addition, there are well maintained garden areas with development potential

TENURE

Freehold.

LEASES

The Flats are let on Assured Shorthold Tenancies, with the total current rental income being £99,660 per annum. The Tenants are liable for all utilities which are separately metered.

Please contact us for a full Tenancy Schedule.

DEVELOPMENT POTENTIAL

Plans have been produced to build 4 additional units in place of one of the Garage Blocks. There is also potential to develop rear of the site, which has received positive indications from Bromgrove Council. In addition, rental increases could be justified on a number of the Flats.

STATUTORY OBLIGATIONS

The Flats all comply with current Health & Safety Regulations and have valid EPC’s, falling between Band C & Band E ratings.

PURCHASE PRICE

£1,700,000

LEGAL FEES

Each party to bear their own fees

VIEWING

Strictly by appointment with our Office on 01527 584242.