Sold

Newent, Gloucestershire – A freehold gated retirement development

1-40 Stokes Mews, Newent, Gloucestershire, GL18 1EU

Offers in excess of £2,100,000

Property Type:
Residential
Tenure:
Freehold

Description

  • An extremely well maintained Freehold gated development located in the centre of Newent completed in 2008
  • Comprising 37 retirement flats and 2 houses
  • 10 units sold on long leases (2 x three bed houses, 5 x two bed flats, 3 x one bed flats)
  • 29 unsold flats (19 x one bed, 10 x two bed)
  • 26 properties let subject to AST’s and three flats currently vacant
  • Total Current Gross Rent Reserved: £144,536 per annum
    • AST Income: £141,036
    • Ground Rent Income: £3,500
  • Estimated Gross Rental Value (fully let): £161,000 per annum
  • Fully managed by retirement living specialist First Port
  • Service Charge covering insurance, management and maintenance
  • £52,730 Sinking Fund in place for redecorations and contingency costs (year end accounts dated 30 September 2017)
  • 17 parking spaces
  • Within easy walking distance of local shops and amenities

Subject to contract