Sold

Chertsey, KT16 – Freehold purpose built block of flats providing key-worker accommodation

Sandgates, Guildford Road, Chertsey, KT16 9LT

Offers in excess of £8,000,000

Property Type:
Residential
Tenure:
Freehold

Description

Freehold purpose built block of flats providing Key-worker accommodation let to Vivid Housing Association with an unexpired lease term of 19 years

  • Freehold
  • Rare opportunity to acquire a purpose built block of flats comprising 83 units:
    • 18 x bedsits (within two large cluster flats)
    • 46 x studios
    • 2 x double studios
    • 17 x two bedroom flats
  • Currently let to Vivid Housing Limited subject to a 35 year lease from March 2003
  • Unexpired lease term of approximately 19 years
  • Current net rental income: £457,780.26 per annum, subject to annual RPI linked rent reviews (collar and cap of 1%-5%)
  • Currently FRI lease terms
  • Key-worker designated block via Section 106 Agreement
  • Ample parking including a large over flow car park
  • Located within 1.2 miles (1.9 km) of St Peter’s Hospital
  • Walking distance to Chertsey train station and town centre

Offers in excess of £8,000,000 are invited subject to the existing lease, subject to contract. An acquisition at this level would reflect a net initial yield of 5.36% after allowing for purchaser’s costs of 6.67%.

Subject to contract