16th Jun 2020
23rd Jun 2020
- Type: Block of flats
- Bedrooms: 0
- Listing status: sale
- Country: England
This is an investment opportunity to purchase a 8-unit block in Birmingham generating £99,600 rent pa & 7.8% gross yield.
Spread over 3 floors
Purchased as a 6 unit block and completely refurbished to a 8 unit block
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
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.
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
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.
The property has a full-sized basement which offers future development opportunity, subject to relevant approvals. Floorplan number 5 is of the basement.
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
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
Local info for B13