Opportunity to purchase a 8-unit block in Birmingham generating £99,600 rent pa & 7.8% gross yield
£1,275,000
8-unit Block
VES-B13-001
INITIAL INVESTMENT
£366,500
Based on
deposit: £318,750
stamp duty: £38,250
mortgage fees: £1,500
conveyancing fees: £8,000
GROSS RENT
£99,600
GROSS YIELD
7.8%
The block
TENURE
Freehold
NO OF UNITS
8
TENANCY STATUS
Tenanted
FURNISHED
Part and part
TOTAL SQ FT
3,778
PRICE SQ FT
£337
Portfolio information
- Spread over 3 floors
- Purchased as a 6 unit block and completely refurbished to a 8 unit block
- Comprising of:
- 2 x 2-bed, 2 bath apartments
- 5 x 1-bed, 1 bath apartments
- 1 x studio apartment
- Tenants pay their own bills unless specified below
- Apartment 6 & 8 are currently unfurnished, however, furniture can be purchased from the vendor
- EPC ratings D & E
Rental information
All flats were previously let as short-term lets and the vendor is in the process of switching all to longer-term ASTs. Where tenancies are coming to an end the vendor bridges the gap with short-term lets until longer-term tenants are found. The expectation is that by July/August all units will be let on long-term ASTs.
Current rent:
- Apartment 1 - 1-bed - £895 pcm
- Apartment 2 - 1-bed (garden flat) - £995 pcm
- Apartment 3 - studio - £800 pcm – short-term let until 12 July 2020
- Apartment 4 - 1-bed (garden flat) - £975 pcm
- Apartment 5 - 1-bed – £2,050 including bills; £995 pcm excluding bills at next tenant change
- Apartment 6 - 2-bed - £795 pcm unfurnished & unequipped
- Apartment 7 - 1-bed - £995 pcm
- Apartment 8 - 2-bed - £795 pcm unfurnished & unequipped
- Current rental income pcm: £8,300
- Current rental income pa: £99,600
Rental potential:
Apartment 6 and 8 can be furnished and equipped, at an extra cost, which would increase the rents of each apartment to £1,195 - £1,295 excluding bills. The vendor has tested the market and confirmed that there is demand for it.
Development opportunity
The property has a full-sized basement which offers future development opportunity, subject to relevant approvals. Floorplan number 5 is of the basement.
Location information
The property is located in Moseley, a trendy area of Birmingham, and approximately a 15-minute car journey outside of Birmingham city centre.
Available upon request
- EPCs for all units
- Block breakdown
Note
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
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Floorplans
Documents available on request, please contact for viewings or further questions.
The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.
Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.
About Birmingham, West Midlands - new
Birmingham is the second largest city in the UK and boasts a population close to four million and is still growing rapidly. This metropolitan city can be found in the West Midlands, around 120 miles north west of London.
Due to its central location within the country, Birmingham has fantastic travel routes via the motorway, rail and even canal networks. Major motorway routes such as the M5, M6, M40 and M42 all pass through Birmingham connecting it to all parts of the nation.
Birmingham has a busy extensive rail network system. The busiest station is Birmingham New Street, which is actually the busiest station outside of London and offers Virgin fast trains to London Euston, Glasgow Central and Edinburgh Waverley.
Also, soon to be home to the High Speed 2 rail link, which will stop at Birmingham’s Curzon Street railway station and offer a service to central London in under 50minutes as well as other routes around the country. Travelling around within the city couldn’t be easier as Birmingham has one of the busiest urban rail systems and urban bus systems outside of London, capable of taking you to any desired location in and around the city.
There are five universities in Birmingham: University of Birmingham, Birmingham City University, University College Birmingham, Aston University and Newman University. The city also has major campuses of the University of Law, BPP University and 14 campuses of the Birmingham Metropolitan College, one of the largest further education colleges in the country, making it the highest population of students in higher education outside of London.
Birmingham is home to many amazing job opportunities through many well-known employers, such as; National Express, Lloyds Banking Group, RBS, Whitbread, Jaguar and Rolls Royce to name a few.
Park Road,
Birmingham,
West Midlands,
England,
B13 8AB
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