Worcester, WR5 3HD | Investment Property for Sale | VES-WR5-001

Stunning views from every flat over the River Severn and the Malvern Hills

£1,400,000

9-unit Block

VES-WR5-001

INITIAL INVESTMENT

£408,000

Based on

deposit: £350,000

stamp duty: £47,500

mortgage fees: £1,500

conveyancing fees: £9,000

GROSS RENT

£79,200

GROSS YIELD

5.7%

ADD TO FAVOURITES

The block

TENURE

Freehold

NO OF UNITS

9

TENANCY STATUS

Tenanted

FURNISHED

No

TOTAL SQ FT

5,629

PRICE SQ FT

£249

Block information

  • The freehold block comprises:
    • 1 x 1-bed apartment
    • 8 x 2-bed apartments
  • The vendor is modernising each apartment when they become vacant
  • At the time of listing 4 apartments have been modernised, with the remaining 5 apartments still needing to be done
  • It is planned to turn the 1-bed apartment into a 2-bed by combining it with an office, resulting in a total of 9 x 2-beds
  • Allocated parking for every apartment
  • Communal gardens for tenants at the back of the property
  • Two of the current tenancies are protected by the Rent Act 1977

Rental information

Current rental income:

  • At the time of listing 5 of 9 apartments are let and achieve:
    • Aggregate monthly rental income £2,625
    • Aggregate annual rental income £31,500

Potential rental income:

  • Once all apartments, with the exception of the 2 apartments with statutory tenants, have been modernised and are fully let the following rents are expected:
    • 7 x units @ £800 pcm
    • 2 x units @ £500 pcm
  • Aggregate monthly rental income £6,600
  • Aggregate annual rental income £79,200
  • Aggregate gross yield: 5.7%

Location information

  • The block is in the Barneshall area of Worcester, 2 miles south of the city centre
  • Easy road access to the A4440 and junction 7 of the M5 motorway
  • There is also a bus stop a few minutes walk from the property

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 Worcester, Worcestershire

Worcester is a cathedral city and the county town of Worcestershire in the West Midlands. It lies around 30 miles south-west of Birmingham, 27 miles north of Gloucester and 23 miles north-east of Hereford.

Worcester is ideally located with the M5 motorway running past to the east of the city. The M5 connects Worcester to most of the country as well as London, which is only 118 miles away. A number of A-roads also pass through Worcester connecting it to Malvern, Kidderminster, Evesham, Leominster, Aberystwyth, Tewkesbury, Gloucester, as well as Droitwich, Bromsgrove and Birmingham.

There are three railway stations serving the city, Worcester Foregate Street and Worcester Shrub Hill, which are both located in the city centre, as well as Worcestershire Parkway, which is on the edge of the city. West Midlands Trains from Worcester Foregate Street and Shrub Hill run to Birmingham New Street or Birmingham Snow Hill, whilst Great Western operate services to London Paddington via the Cotswold Line and Oxford, Bristol Temple Meads via Gloucester through to Westbury and Weymouth, and a service to Southampton Central and Brighton. Trains from Worcester Parkway run to London Paddington via Oxford, Great Malvern and Hereford, as well as Cardiff Central via Gloucester and Nottingham via Birmingham New Street.

The closest major airport is Birmingham, which can be reached by train or road.

Worcester cathedral, which dates to 1084, is the city’s most famous landmark. Other landmarks include parts of the remaining city wall, the Hive, a joint public and university library and archive centre. Other places to visit are the Museum of Royal Worcester, Greyfriars’ House and Garden, Tudor House Museum and Worcester City Art Gallery & Museum. The city’s green spaces include Cripplegate Park, Gheluvelt Park and Fort Royal Park as well as Pitchcroft, a public space except on days when it is used for horse racing.

Worcester is also home of Royal Worcester Porcelain, the composer Edward Elgar, Lea & Perrins, the most picturesque cricket ground in the country and Berrow’s Worcester Journal claimed as the world’s oldest newspaper.

There are three main shopping centres in the city centre, CrownGate Shopping Centre, Cathedral Plaza and Reindeer Court. The Hight Street also offers plenty of shops including independent boutiques.

Education is provided by a number of high schools and independent schools, two colleges and University of Worcester, a public research university.

Elm Green Close,

Worcester,

Worcestershire,

England,

WR5 3HD

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