Talbot Mills, Batley is on Well Lane adjacent to the Tesco Extra site in the town centre. Batley is an attractive market town approximately 9 miles from Leeds.
Westminster House, Lincoln is situated approximately 2 miles to the north of the city centre at the eastern end of Welton Gardens.
Talbot Mills is a three storey building comprising of twelve apartments. The apartments all have an open plan / living kitchen area, separate bathroom and bedroom.
The kitchens all have electric hobs, inegrated ovens, tiled splash backs and fitted base and eye level units. The bathrooms all have a bath with shower over, W.C, hand basin, extractor fans and tiling around the bath.
The apartments are all modern and have been well maintained. As a result, outgoings on the property are expected to be low.
Westminster House is a three storey building comprising of twelve apartments, with the subject apartment offering duplex accommodation over the first and second floors. On the first floor there is an open plan kitchen / dining area and a separate living room. At second floor level there are two double bedrooms, a separate bathroom and a toilet.
The kitchen benefits from an integrated hob and oven and fitted base and eye level units. There is gas central heating and UPVC double glazing.
The living accommodation on the first floor includes an open plan kitchen / dining area, separate living room and entrance hall. At second floor level there are two double bedrooms, a separate bathroom and a toilet.
Six of the flats are located in Batley which is located within a 7 mile radius of two of the three largest cities in Yorkshire – Bradford and Leeds. The strong retail demand in Batley saw a £30 million Tesco superstore open that employs over 450 local staff in its 80,000 sq. ft. store. The six flats in Batley are all in the same block which is in a highly desirable location in the town centre. The flats are all modern and only require a low level of maintenance. The flats in Batley have previously all rented for £425 pcm but to avoid any void periods an agreement was reached with a housing association and all flats are now rented at £350 pcm.
The flat in Lincoln was refurbished approximately two years ago and offers modern living accommodation close to the city centre. The current tenant has been in occupation since May and has agreed to renew his lease for an additional 12 months.
The total annual rental income of the portfolio is £31,200, reflecting a yield of 7.8%. If the rents were increased to £425 pcm on the Batley flats the reversionary yield will reflect approximately 9%. As above, the flats in Batley have all been previously let at £425 pcm.