0 bed Block of flats (for sale) Park Road, Birmingham B13

£1,275,000
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Vesta Property
TechHub, 1-15 Clere St, Shoreditch, London
020 8115 4124
First Published

16th Jun 2020

Last Published

23rd Jun 2020

 

Features

  • Type: Block of flats
  • Bedrooms: 0
  • Listing status: sale
  • Country: England

Description

This is an investment opportunity to purchase a 8-unit block in Birmingham generating £99,600 rent pa & 7.8% gross yield.

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.

 

Local info for B13

Floor plan

 

Property Value Data/Graphs for B13

Property Type % Avg. current value Avg. # beds Avg. # bathrooms
Flat 34.5% £164,171 1.7 1.1
Semi-detached house 18.1% £441,324 4 1.2
Terraced house 17.3% £300,096 3.3 1.5
Detached house 16.4% £556,828 4.5 1.6
Other 4% £286,650 2.4 1.7
Town house 3.5% £446,550 3.9 2.6
End terrace house 3.1% £272,143 3.4 1.4
Link-detached house 1.3% £353,317 3.3 1.3
Bungalow 0.4% £350,000 3 2
Mews house 0.4% £219,950 2 1
Studio 0.4% £79,500 1 1
Maisonette 0.4% £155,000 2 1

Area Information

Average Price Paid

£255,521

Sales

2908

Current Average Value

£323,574

Value Change

£68,053 26.6%

 

Current Asking Prices in B13 Average: £323,574

Property Type 1 Bed 2 Beds 3 Beds 4 Beds 5 Beds
Houses £106,500 (3) £201,165 (17) £290,217 (55) £478,417 (26) £598,541 (32)
Flats £105,178 (28) £195,007 (48) £218,332 (3) - -
All £105,306 (31) £196,618 (65) £286,499 (58) £478,417 (26) £598,541 (32)

Nearby Properties

2 bed End terrace house () Scarborough Close, Walsall WS2 £110,000
3 bed Terraced house () Oakdale Road, Oldbury B68 £150,000
3 bed Semi-detached house () Ringinglow Road, Birmingham B44 £200,000
3 bed End terrace house () Ardath Road, Kings Norton, Birmingham B38 £179,995
3 bed Flat () 10 Holloway Circus Queensway, Birmingham B1 £450,000
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