Block of flats for sale in Bounds Place, Millbay Road, Plymouth PL1
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Property features
- Institutional Grade Residential Investment
- Block of 11 Flats
- Management Agreement with South Devon Rural Housing Association (D&B - 2A3)
- Agreement Expires 01/05/2038 - Circa 15 Years Unexpired
- Passing Guaranteed Rent - £84,559 per annum
- Annual Index Linked Rent Reviews (cpi +1%)
- Development Completed in 2018
- Large Rear Car Park
- Established Residential Location
Property description
Strapline
Auction Sale - 18/07/2023
Residential Block With Management Agreement to a Housing Association Producing Guaranteed Rent of £84,559 per annum
15 Years Unexpired with Index Linked Rent Reviews
Established Residential Location Near Plymouth Marina
Description
The property comprises a block of 11 flats set within a former school building. The conversion was completed in 2018 and consists of 3x one bedroom flats and 8x two bedroom flats. The property sits on a site of approximately 0.28 acres and includes a large car park to the rear accessed from East Street (11 spaces).
Internally, the property provides accommodation over ground, first and second floors with several units providing split level accommodation across first and second floors.
Please see the below schedule of accommodation for unit areas.
Location
The property is situated witha frontage to George Place, a quiet street to the west of Plymouth City Centre with a mix of residential and commercial use. The property also enjoy access from East Street, which provides access to the rear car park.
The property is approximately 0.2 miles north of King Point Marina and 0.5 miles west of the amenities of Central Plymouth.
Tenancy
The property is managed by South Devon Rural Housing Association (sdrha) under a management agreement expiring 01/05/2038 (approximately 15 years unexpired) providing a guaranteed rent to the Landlord of £84,559 per annum. The agreement provides for annual index linked rent reviews in line with the Consumer Price Index (cpi) plus 1%. Please consult the legal pack for more information.
Sdrha represent a strong covenant with a Dunn & Bradstreet rating of 2A3. They operate in excess of 350 units across Devon and Cornwall.
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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