Property for sale in West Street, Buckingham MK18

*** Freehold Investment *** Town centre, mixed-use, residential, and commercial investment offering a good current yield with scope for enhancement and a rent increase. The property comprises a Georgian, Grade II listed building in Buckingham town centre with four residential apartments, all let and two commercial units (one let). The investment when fully occupied is likely to generate in excess of an 8% gross yield. There are four apartments (three one-bedroom and one two-bedroom).

Location

Located in the rural north of Buckinghamshire with a fascinating history and abundant green spaces, Buckingham is in the heart of south-east England, 65 miles from the centre of London, 25 miles from Oxford and neighbouring many great attractions such as Stowe Landscape Gardens and Silverstone Race Track. The town is well served by roads, being easily located between the M1 to the east and the M40 to the west. A422 and A421 link directly with the town centre with convenient car parking. Local train links include Milton Keynes which is 13 miles away, Milton Keynes is on the main west coast line between London Euston, Birmingham, Manchester and Scotland. Other local stations include Bicester North station (11 miles) which is on the Chiltern main line and Bicester Village station (12 miles). Buckingham’s central location makes it the ideal base for visiting the surrounding countryside, attractions, towns and cities.

Commercial Unit 4 West Street

Currently used as a take away and is let on a licence

Commercial Unit 5 West Street

Commercial unit with storage and three separate offices to the rear. Currently unoccupied previously let at £12,000 per annum. There is a large amount of cellar storage with potential.

Flat 1,5 West Street

1 bedroom first-floor apartment, front facing with Let on an Assured Shorthold Tenancy the existing tenant has lived here for many years.

Flat 2,5 West Street

Character first-floor apartment, with mezzanine bedroom. The flat is currently let on an assured shorthold tenancy.

Flat 3 5 West Street

First-floor rear-facing one-bedroom apartment with a separate kitchen and shower room. The property is let on an assured shorthold tenancy.

Flat 4,5 West Street

Top Floor two-bedroom apartment with sitting room, kitchen, and two bedrooms, full of beams and character. The property is let on an assured shorthold tenancy.

Investment Detail Rental Amounts And Yield

The residential aspect currently generates income as follows:

Flat 1 £4800 pa
Flat 2 £7800 pa
Flat 3 £7140 pa
Flat 4 £8280 pa

Combined the residential units are generating £ 28,020

Commercial unit 4 is let at £8,000 pa on a licence for
Commercial unit 5 is expected to achieve £12,000 pa

Fully occupied the investment would show an income of £48,020 pa a gross rental yield of 8%

Council Tax

The four flats are all Band A and the current amounts payable by tenants are £1,440.10 year 2022/2023

Business Rates

To follow

Yard

Small yard to rear with a communal metal fire escape. Gated rear access.

Parking - On Road

As a town centre property, there is no dedicated parking with the property.