Cleveland Flats, Fairview Road, Salisbury, SP1

A rare investment opportunity to purchase six flats in the same block, all currently rented out on assured shorthold tenancies, bringing in a current income of ?5,250 per calendar month.

Description

INVESTMENT OPPORTUNITY!! A rare investment opportunity to purchase six flats in the same block, all currently rented out on assured shorthold tenancies, bringing in a current income of ?5,250 per calendar month (?63,000 per annum - see attached schedule). There are two flats on the ground floor, two on the first floor and two on the second floor. They vary in size and layout (four floorplans are shown) with three flats having three bedrooms (one with bathroom and shower room) and three flats having two bedrooms. They are all presented in good order together with gas central heating and double glazing. The leases are 999 years from 1970. Two of the flats have parking spaces and otherwise permit parking is available in the vicinity. There are areas of communal garden and drying areas. All mains services are connected. The flats are situated just outside the ring road and therefore within walking distance of the city centre with all its facilities and also within a stone's throw of the local Co-op mini store. The freehold management is run by Whites on behalf of Cleveland Flats Management Limited which has current funds of circa ?50,000 available for repairs and maintenance/sinking fund, as at November 2024.

Directions

From our office in Castle Street proceed north, away from the city centre and at the roundabout turn right onto the ring road. At St Mark's roundabout take the third exit into Wain-a-long Road before taking the first right hand turn into Manor Road. Take the first left into Fairview Road and proceed towards the end of this one-way street and Cleveland Flats can be found on the left hand side.

Tenure

The flats are held on a 999 year lease with approximately 945 years remaining. The service charge and ground rent per flat amount to approximately ?116.67 per month (?350 per quarter) including a sinking fund contribution and this covers the use of the caretaker who maintains the garden and communal areas, and window cleaning.

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