Sold

Goole – A unique Residential Investment let in the most part to “over 55’s” and in part to a Housing Association

Burlington House & Lodge, Goole, DN14 5BB

Offers in excess of £1,650,000

Property Type:
Residential
Sub Types:
Block of Flats, Flat, Investment, Multiple Flats
Tenure:
Freehold

Description

Investment Considerations

  • Freehold. Two neighbouring blocks both currently fully let

Burlington House

  • Age-restricted accommodation for the ‘over-55s’ with the current average tenancy length almost 4 years
  • 18 x one bedroom self-contained flats
  • Current gross income equates to £99,360 per annum

Burlington Lodge

  • Leased to Housing association for a term of 20 years from March 2015 (thus having approximately 15 years unexpired)
  • 4 x two bedroom self-contained flats
  • Current gross income equates to £35,573 per annum

 

  • Both buildings benefit from a biomass heating system and a Government contract under the Renewal Heating Incentive Scheme which is due to expire in 2034
  • The contracted ancillary income covers cost and provided a profit of approximately £8,000 in the most recent tax year (2019/20)
  • Total Gross Income from all sources equates £155,083 per annum. Fuel, general maintenance and insurance costs equates to £28,642 in the tax year (2019/20)
  • An asking price offer provides a gross yield of 9.4% and a yield (net of costs) of 7.7%

Subject to contract