Freehold block of 18 apartments in Stalybridge. Suitable addition to a buy to let portfolio, Portland Chambers comprises 18 self-contained apartments.
Tenanted Apartment Block - Arranged to provide 18 self-contained apartments within.
Split across two blocks 1 & 3 Portland Chambers, the 18 apartments are currently used as a rental investment by the current owners. They have recently updated a number of the apartments, as well as the communal areas internally. It is understood there is a section of the car park to the rear of the buildings included as outlined within the title plan. Interested parties are encouraged to satisfy themselves with the boundaries of the land to the rear prior to purchase.
Suitable as an investment property, or potential developer project, Portland Chambers offers a unique opportunity to own the freehold to a tenanted apartment block, with scope to improve and drive rents.
We are advised that the apartments are split between a mix of 6x studios, 8x 1 bedrooms, and 4x 2 bedrooms. It is expected a rental income of circa £84,000 per annum to be achievable when fully let equating to a 6.46%% gross yield. The current occupancy rate for the block at the time of writing (February 2020) stands at 77.7%.
Please note, Savills have not conducted an inspection of the condition & layout of each apartment internally, purchasers are encouraged to view all apartments to ensure they are satisfied prior to purchase.
- Block Sale Comprising 18 Self-Contained Apartments
- Expected Yield of 6.46% When Fully Let with Scope to Improve
- Current Occupancy Rate of 77.7% as of February 2020
- Car Park to Section to Rear as Outlined in Title Plan
View payable Stamp Duty for this property