Savills | The Strand, Bude, Cornwall, EX23 8FH | Property for sale
0.55 Ac(0.22 Ha)
Asking price £3,500,000

The StrandBude, Cornwall, EX23 8FH

  • Under offer

Key features

  • Purpose built block of 15 apartments and 8 town houses
  • Prime town centre location
  • Passing rent of £179,340
  • Gross Yield of approximately 4.8%
  • All units benefit from a secure underground parking space
  • 8 additional external spaces
  • Freehold interest

Residential Investment Opportunity

About this property

  • The site is irregular in shape and extends to 0.2 HA (0.55 acres). The property was built in 2008 and comprises two separate blocks arranged as a courtyard, overlooking a central square.
    There are 23no. units in total which include 1-3 bedroom apartments and 2-4 bedroom townhouses. The smallest block, situated to the south west of the site, comprises 4no. 1 bed apartments on the ground floor and 4no. 3 bed duplex apartments on the first and second floors. The larger block, situated to the north and west of the site, is built over 3 storeys and comprises 3 x 1 bed apartments, 2 x 2 bed apartments, 2 x 2 bed duplex apartments, 1 x 2 bed town house, 3 x 3 bed town houses and 4 x 4 bed town houses. One of the 1 bedroom apartments is currently used by the caretaker.
    The apartments vary in size from 37 sq m (398 sq ft) for a 1 bed to 75 sq m (807 sq ft) for a 3 bed and the town houses range from 68 sq m (732 sq ft) for a 2 bed to 134 sq m (1442 sq ft) for a 4 bed. All of the units benefit from an allocated parking space in the underground car park.

Local information

  • Bude is a popular seaside town situated on the north Cornish coast. The town offers a variety of local services and amenities including two primary schools, a secondary school and number of supermarkets. There are also a range of sandy beaches including Summerleaze Beach, which is a popular destination for tourists and surfers.
  • The town is well connected. Main road communication is via the A39 which connects towards Barnstaple and the North Devon coast in the north east and towards Wadebridge and southern Cornwall in the south west. Local bus services also run to Exeter, Plymouth and Okehampton as well as destinations on the outskirts of the town.
  • The subject property is located in the heart of Bude's bustling town centre. It is situated just off The Strand, adjacent to the River Neet and is within close proximity to a variety of local restaurants, independent shops and Summerleaze Beach.

Additional information

  • TENANCIES AND OCCUPANCY:
  • The properties are let on either fixed term or periodic Assured Shorthold Tenancies. The tenancy terms vary from 6 – 12 months.
  • The property is currently 100% let, with a total rental income of £179,340. Rent has been charged ranging from £510 PCM (£6,120 per annum) for a 1 bedroom apartment to £850 PCM (£10,200 per annum) for a 4 bedroom town house.
  • The rents have not been increased for a number of years and we believe that a realistic gross rental income that could be achieved at the property is in the region of £190,000 which represents a 6% increase on the current gross rental income.
  • Full details on the AST's and the rental breakdown can be provided upon request.
  • Based on the current gross income the Gross Initial Yield equates to approximately 4.8%.
  • EPC Rating = C