Block of flats for sale in Castle Road, Maidstone ME16

Executive Summary
Investment opportunity in popular Maidstone suburb.

The investment can be bought as a whole or broken up into smaller lots, starting from 2 flats.

A new 999 years long leasehold at a peppercorn ground rent.
Comprises a block of 6x3 apartments above a shopping parade, all let on ASTs for £72,000 per annum.

Break up potential.
High rental growth area.
Offers in the region of £1,200,000 (One million, two hundred thousand pounds) are invited for the long leasehold interest. This equates to a low capital value of £238.09 psf. The purchaser may qualify for multi-unit relief on stamp duty. They should rely on their own enquiries in this regard.

Location

The flats are located above the Mid Kent Shopping Centre, which is located in
the suburb of Allington, a densely populated suburb of Maidstone
approximately 2.5 miles West of Maidstone Town Centre. The property is
conveniently located within 1 mile of Junction 5 of the M20 motorway.
The area surrounding the property is mostly low lying residential, whilst across
the road is the Allington Primary School. The shopping centre has a number of
retailers including Waitrose, Mid Kent Pharmacy, Bernardo’s, as well as a
variety of other independent and national operators.
Description
The subject property comprises 6x3 bedroom apartments, all the same size.
The flats are situated at first and second level as duplex apartments and are
accessed via a communal staircase.
Asset Management
There is clear scope to enhance returns through increasing rents, efficient
management, and/or break up. In addition, the flats may suit multiple
occupation at premium rents.