Land for sale in 1 Rectory Lane, Chelmsford, Essex CM1

£4,250,000
Land for sale
Interested in this property? Call +44 1245 679995 * or Request Details

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Property features

  • Investment Opportunity
  • X 22 Flats in City Centre Location
  • Gross Rental Income of £188,300 per annum
  • Modern Development
  • Close to University & Railway Station

Property description

** investment opportunity **

The property is five storeys in height, of modern construction and design, comprising 22 flats (4 x two bed a 18 x one bed).

The property sits on a site of approximately 416m2/4,478 sq

ft/0.1 acres.

Each of the flats is finished to a good standard providing one

or two bedrooms, hallway, bathroom and lounge/kitchen/ diner around a central core.


Tenure


The property is held freehold with the benefit of ground rent

and Assured Shorthold Tenancy rental income as per schedule provided. The 2 flats sold off long leasehold are on 125 year leases from January 2017 and each produce a ground rent of £400 per annum, reviewed by rpi every 5 years.

AST income £187,500 per annum.

Ground rent income £800 per annum.

Total income £188,300 per annum.

Location

The property is located at the corner of Rectory Lane and

New Street directly opposite Anglia Ruskin University main

campus including student housing, Rivermead Gate Medical

Centre, a Spar convenience store, Rivermead Pharmacy,

Subway and Papa Johns Pizza.

The property is in a mixed use, but primarily residential location, a short walking distance to Chelmsford mainline railway station providing services into London Liverpool Street (approx. 35 minutes) and Colchester (approx. 25 minutes).

The property is also within easy walking distance of Chelmsford City centre and Riverside Ice & Leisure Centre therefore an appealing location for professionals as well as young families and students

Property info

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For more information about this property, please contact
Kemsley LLP, CM2 on +44 1245 679995 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Kemsley LLP, and do not constitute property particulars. Please contact Kemsley LLP 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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