Residential Development For sale

Location

The property is situated on Lady Lane in Coventry, within close proximity to local amenities, shops and transport connections. Coventry City Centre lies a short distance away, providing access to a wide range of retail, leisure and employment facilities together with Coventry Railway Station.

The surrounding road network provides convenient access to the A444, M6 motorway and wider Midlands motorway network.

Description

The property comprises a terrace style building arranged to provide four self-contained one bedroom flats over ground and first floor levels. The accommodation benefits from independent access points and parking provision to the rear of the property.

The flats are considered suitable for continued investment purposes and are situated within an established residential location with good access to local amenities, public transport links and Coventry City Centre.

The property is offered for sale as an investment opportunity.

Investment Summary

The property is currently let by way of four residential tenancies producing a combined rental income of £32,100 per annum. The accommodation comprises four self-contained one bedroom flats with the current rents being £650 pcm for Flat 2A (tenancy commencing 3rd March 2024), £555 pcm for Flat 2B (tenancy commencing 16th July 2022), £675 pcm for Flat 2 (tenancy commencing 24th April 2023) and £795 pcm for Flat 2C (tenancy commencing 5th December 2025). The investment reflects an approximate gross yield of 7.47%. The property provides an established residential investment opportunity with ongoing income and potential for future rental growth subject to market conditions.

EPC

Flat 2 - 64 D
Flat 2A - 69 C
Flat 2B - 77 C
Flat 2C - 57 D

Tenure

The property is understood to be freehold, subject to the existing occupational tenancies.

Services

We understand that mains electricity and water are connected to the property. Interested parties are advised to make their own enquiries.

Legal Costs

Each party will be responsible for their own legal costs associated with the transaction.

Viewing

To arrange a viewing please contact the Commercial Team on commercial@loveitts.co.uk or 024 7622 8111 (Option 2)

Important Notes

We are required by HMRC to conduct anti-money laundering checks on all parties with an interest in the property and accordingly we will require forms of identification in due course. Particulars: These Particulars do not constitute an offer or contract and should not be relied upon as being factually accurate, the photographs show only part of the property and the areas, measurements and distances given are approximately only. A buyer or a lessee must make their own enquiries or inspections and should not solely rely on these Particulars or other statements by Sheldon Bosley Knight. VAT: The VAT position relating to the property may change without notice.