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£649,950 Offers in excess of
We are pleased to announce for sale this fantastic investment opportunity to purchase a freehold site which currently has six different commercial units all with tenants in place. The current yield is just over 10.3% based on the asking price but has potential for an increase in the future. The owner has advised the whole site is all on one deed which would make a purchase easier and has recently had works done to electrics and roofs in some of the units. Viewing is highly recommended to appreciate the size and potential for the properties and can be arranged through our office or by calling .
Unit 1 - Currently a MOT test station on a 10 year lease from 28/01/2024 with rent reviews set every 3 years and a rent of 14,308.80 per annum
Unit 2 - Currently a garage on a 10 year lease from 28/10/2023 with year rent reviews with a current rent of 5199.96 per annum.
Unit 3 - Currently a garage on a 5 year lease from 1/10/2022 at a rent of 10,400 per annum.
Unit 4 - Currently a tyre garage and has been tenanted since May 2015. Current rent is 9,048 per annum but with no lease in place.
Unit 5 - Currently a car wash with a 10 year lease from 25/11/2021 with yearly rent reviews with a current rent at 17680 per annum.
Unit 6 - Currently a garage on a 3 year lease from 20/10/2023 with yearly rent reviews and a current rent of 10,399.92.
General - The current income for the six units is 67,036.68. Recent works have been done to electrics and roofs in some of the units.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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