The property is located centrally in Cullompton, a town within Devon approximately 13 miles (21 kilometres) to the north east of Exeter and 19 miles (30 kilometres) to the south west of Taunton benefiting from good transport links with Junction 28 of the M5 Motorway 0.6 miles to the north west.
The property comprises a three storey property with three self-contained flats on the first and second floors.
All of the flats have been refurbished over the last five years to a good and modern standard.
The flats are accessed via a side passage from Fore Street, which in turn provides staircase access to the three flats.
On the first floor are flats 1 and 3. Flat 1 comprises a good sized one bedroom flat with living room, separate kitchen and separate shower room. Flat 3 comprises of a studio apartment with open plan kitchen / living area and separate shower room.
On the second floor is flat 2, which is the largest flat and has one bedroom, large living room, separate kitchen and bathroom. The kitchen has an integrated hob and oven, washing machine, fridge freezer and dishwasher.
Flat 1 (FF) £470 pcm £5,640 pa
Flat 3 (FF) £385 pcm £4,620 pa
Flat 2 (SF) £500 pcm £6,000 pa
Total £1,355 pcm £16,260 pa
We understand the property has mains electricity, water and drainage.
The property is currently producing a return of £16,260 per annum, reflecting a gross yield of 10%. The flats are let on AST’s and we are informed all of the tenants have occupied the property for over one year. There is potential to increase the rent of the flats by £540 per annum. The rents have not increased in two years.
The freehold is to be sold which includes all the upper floor flats and the ground floor shop. The ground floor shop has been sold off on a long lease for a period of 125 years from 1 January 2005.
All of the flats are banded ‘A’.
VAT is not applicable.
Viewing by Appointment
To view this property, please contact John Pye Property – email@example.com – 0115 970 6060
33 Fore Street,
✓ Residential investment
✓ Three tenanted flats
✓ £1,355 pcm (£16,260 pa)
✓ 10% Yield
✓ Town Centre location
Richard Reed, RICS
Phone: 0115 970 6060
Our reference PR020