The opportunity is to acquire the freehold of a fully refurbished, modern multi unit residential block in an excellent location. The property consists of 6 x One-Bedroom Apartments and 2 x Multi Let/ HMO Units comprising 8 Bedrooms and 2 Studios, and generates £168,900 per annum.

The property is located a 1 minute walk to the mainline DLR station, Elverson Road.

The incoming purchaser will be acquiring an up and running low maintenance, hands-free, low input investment at an excellent yield of in excess of 5.1%, for a long term return on capital, and also with potential for capital appreciation.

Located a 200 m distance of Elverson Road DLR Station, a main line station with direct links to both Lewisham, Canary Wharf, the CIty and Beyond. Also within a 5 minute walk of Lewisham centre.

The property is a former pub which was fully refurbished and extended and consists of a five-storey multi unit freehold block. The accommodation is fully let on standard assured shorthold (AST) tenancies with consistent 100% occupancy and very low tenant turnover. The tenants are hand picked and respectful working professionals.

The current owner bought this property as a run down pub in Autumn 2010, operating under a private landlord with very little custom and so the brewery owner was keen to sell this freehold along with many more loss making pubs across the country.

The new owner then split the garden off and built 7 new build flats; Vantage Apartments, which have since been sold off.

Planning was then granted to turn floors 1&2 into a 10 unit HMO with the addition of a mansard roof with 2 self contained flats and a full side extension to the property plus a reduced dig of the pub cellar basement.

Subsequent planning permission was then granted to convert the pub ground floor and basement into 4 additional self-contained flats.

NOTE FROM THE VENDOR

The conversion of existing was an enjoyable process as the existing Victorian structure was so well built and solid. Many of the existing sash windows were retained, the original oak floor refurbished and reused in the top floor units. Inside the property is a modern layout of generous rooms with modern long lasting materials. The exterior was sympathetically restored, keeping the Victorian Glazed Tiles and Signage. It was nice to maintain some traditional London history.

INVESTMENT SUMMARY

Rental Schedule

Month

Annual

Flat 1 - £1,200 PCM - £14,400 PA

Flat 2 - £1,200 PCM - £14,400 PA

Flat 3 - £1,200 PCM - £14,400 PA

Flat 4 - £1,000 PCM - £12,000 PA

Flat 5 - £1,200 PCM - £14,400 PA

Flat 6 - £1,150 PCM - £13,800 PA

Multi Let Unit 1 - £3,550 PCM - £42,600 PA

Multi Let Unit 2 - £3,575 PCM - £42,900 PA

Total - £14,075 PCM - £168,900 PA

Buyer's Fee Applies