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Investment

Seven Flat Residential investment, Shanklin

34 Atherley Road, Shanklin, Isle of Wight, PO37 7AU

Guide price £340,000

Key features

  • Well presented, substantial building comprising 7 flats
  • Fully occupied passing rent is £2,695 pcm equating to £32,340 per annum gross
  • A mix of one and two bedroom properties all currently let on 6 monthly ASTs except for Flat 5
  • For Sale by way of Clive Emson auction on 13 December 2023, guide price £320,000 - £340,000
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Location

Located in Atherley Road, Shanklin within easy walking distance of Shanklin Station and Regent Street, arguably the prime shopping street in the Shanklin, Sandown, Lake conurbation. The property is also within easy reach of Shanklin Esplanade and the sandy beaches and leisure facilities it has to offer. Shanklin is the Island's major town on the south coast and serves as a day-to-day needs centre for the surrounding towns in the area. The sandy beaches and leisure offer attracts high numbers of visitors and tourists, which boost the local population of around 19,500, particularly in the Summer season.

Description

A well presented and substantial building comprising 7 flats in total, 5 of which are one bedroom with the remaining 2 flats being two bedroom units. Flats 4, 2 & 1 have new meters and shower room extractors. All flat roofs have been re-felted with 25-year guarantees. Please see floor plan overleaf for further detail.

Tenancies

Rents for the one bedroom units, depending on their size, range between £320 and £495 pcm and between £346 and £500 pcm for the two bedroom units. Total current income per month is £2,695 equating to £32,340 per annum gross. It would appear looking at rents achieved, that there is potential here on some of the flats for some rental growth. Flat 5 is currently vacant. The rental income quoted includes the amount that was previously being paid for this unit.

Terms

For Sale by way of Clive Emson Auction on 13 December 2023, with a guide price of £320,000 - £340,000

Viewing

Strictly by appointment with sole agents Gully Howard Commercial Property, Suite 11 Salisbury Gardens, Dudley Road, Ventnor PO38 1EJ. Contact Gavin Chambers or Morgan Williams on 01983 301 434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com


Under no circumstances should any approach be made to personnel within the property as they will be UNABLE to assist you

Floor Plan

The floor plan is under construction and will be added shortly

Council Tax

All seven flats fall within Band A for Council Tax. Source: ww.voa.gov.uk

Investment

Seven Flat Residential investment, Shanklin

34 Atherley Road, Shanklin, Isle of Wight, PO37 7AU

Guide price £340,000

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