Flat for sale in Pegasus Court, Exeter, Devon EX1

Overview

Superb Retirement Flat With A Lovely, Long Term Tenant. This isn’t for you if you’re seeking spectacular double-digit returns. But if you’re after a hassle-free, long term 6.5% Gross Yield investment this is well worth a look.

This second floor, one bedroom flat is in arguably the best retirement complex in Exeter. The flat is immaculate, the location superb and there's plenty of on-site residents' activities.

The flat has a spacious lounge with plenty of room for a three-piece suite and small dining table.

The smart fitted kitchen has an integrated oven, hob and microwave.

The double bedroom has built-in wardrobes.

The tiled bathroom has an accessible bath with a shower.

It's all in a spotless condition, immaculately cared for by the settled, long-term tenant.

The flat also comes with a garage - one of only 4 apartments with garages in the whole complex. Whether used for storing a car or a tenant's personal items, it certainly adds significant value and appeal to this investment.

Tenanted on a 12-month AST until October 2022, the current tenant is happy, settled and financially secure. The rent is £900pcm delivering a 6.5% gross yield based on the £165,000 asking price.

When calculating your returns, you will need to factor in the service charge (approximately £53 per week) - which covers so much in the efficiently run complex.

Residents have access to regular organised activities such as coffee mornings, Tai Chi, bingo, whist and scrabble along with a number of clubs.

The excellent on-site facilities include a residents' lounge, laundry and lift access along with a library and a guest apartment for visiting friends and family.

There's a lovely, well maintained private garden exclusively for residents' use.

It's a pet friendly complex (cats and dogs are generally allowed with prior permission) accepting residents aged 60 and over.

The complex has on-site staff, and each apartment has a Careline alarm system, but independence is encouraged, and the location certainly helps to foster this.

There's a bus stop opposite with regular buses to the city centre taking only 10 minutes. Not that residents' need to go into the centre for everyday groceries or to catch up with friends over a cup of tea. There's plenty to do in Heavitree which is only a minute's walk down North Street.

This all adds up to surely the most attractive retirement complex package in Exeter. And that makes this an equally attractive long-term investment.

It's perfect for investors who want bank-beating returns with a ready-made tenanted investment but without any worries about tenant changes, voids or big maintenance bills.

Council Tax Band: B
Service Charge: Approximately £53 per week
Lease Length: 103 years remaining