Opportunity to purchase a 5-unit block in Thornton Heath, Croydon which generates a gross yield of 5.1%
£1,600,000
5-unit Block
VES-CR7-001
INITIAL INVESTMENT
£484,500
Based on
deposit: £400,000
stamp duty: £78,000
mortgage fees: £1,500
conveyancing fees: £5,000
GROSS RENT
£80,880
GROSS YIELD
5.1%
The block
TENURE
Freehold
NO OF UNITS
5
TENANCY STATUS
Tenanted
FURNISHED
Part and part
TOTAL SQ FT
2,701
PRICE SQ FT
£592
Block information
- The block was converted to:
- 1 x 3-bed apartment
- 4 x 1-bed apartments
- All tenants have access to a large communal garden
- Each apartment comes with dishwasher, washer-dryer, oven and hob
- There are 3 shared parking spaces at the front of the property
- 2 of the parking spaces have electric car charging points
- EPC ratings: C
- Council tax bands: B & C
Rental information
- All apartments are fully let
- Aggregate monthly rental income: £6,740
- Aggregate annual rental income: £80,880
- The vendor is undertaking a rent review to increase all rents by 10%
Location information
- The property is located in the Thornton Heath area of Croydon
- Thornton Heath railway station is less than a 10-minute walk away
- Near the station are local shops and amenities
- Croydon centre is just under 2 miles north and can be reached on foot or by public transport
- Easy access to the A23
Note
Please note that Vesta has not visited this property and that the vendor has provided all material.
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About Croydon, SE London
Croydon is a large town and borough in the south of London, situated 9.5 miles south of Charing Cross.
This area is serviced by East Croydon Station which is one of the busiest non-terminal stations in London and is managed by Southern. This station offers fantastic transport routes to destinations in Sussex, Surrey and onwards to Brighton, as well as many fast train services in to the City of London and other suburban London destinations. Frequent services are run by Thameslink from Brighton via London Bridge and St Pancras International to Bedford on the London – Gatwick Airport – Brighton Line. Southern runs 10 trains per hour (tph) to London Victoria and 6 tph to London Bridge as well as several services southbound to areas in Sussex. This station also has a Tramlink service that provides routes to destinations within this southern suburban area of greater London.
Croydon is one of the largest commercial districts outside Central London, with an extensive shopping district. This has led it to become considered to be the third main central business district in Greater London. The Whitgift Centre and Centrale shopping centre are the backbone of the shopping strip with plans for a new £1bn Westfield to be built to replace it in the near future. Along the main high street and within the shopping centre one could find a wide selection of stores and boutiques including many well-known household names. This area is also plentiful in restaurants and bars and with the opening of Boxpark in recent years has added to the process of gentrification and breathing new life in to the area.
In the City of London and surrounding areas there are thousands of job opportunities and there are numerous adequate travel options to get you there.
Brigstock Road,
Thornton Heath,
Greater London,
England,
CR7 7JN
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