£680,000
(£210.59/sq. ft)
Block of flats for sale76 Church Street, Tewkesbury GL20
3,229 sq. ft
Just added
About this property
Six flats
Ground floor commercial space
Pedestrian side access
Virtually opposite Tewkesbury Abbey
Tewkesbury is a rapidly expanding market town with an active commercial base, located in North Gloucestershire and situated approximately 10 miles to the North of Cheltenham. Transport communications are excellent, with junction 9 of the M5 motorway and Ashchurch train station about 2 miles to the east of the town centre.
The property is located in the town centre on Church Street fairly close to The Cross which is the junction of High Street, Barton Street and Church Street and in very close proximity to Tewkesbury Abbey. Views of the Abbey available from the front apartments. Attractive views at the rear over riverside development and huge expanse of grassland known as The Ham.
Number 76 is a multi-let period mid-terrace, three storey building. Significantly updated and converted in the early part of this century to predominately residential use in 6 units but retaining the commercial unit on the ground floor. It is not a Listed Building.
Approximate measurements and Net Internal Areas
Six residential flats are all one bedroom apartments of fairly similar size. Gross internal floor areas for each floor are as follows:
Ground Floor 62.96 sq m
First Floor 78.24 sq m
Second Floor 79.40 sq m
Third Floor 79.40 sq m
Total 300.00 sq m (3,229 sq ft)
A side passage leads to the rear, bin store area and pedestrian access to St Mary’s lane.
Current rental income - £64,500 including ground floor commercial unit let to a Food Bank at £7,800 per annum (the same rate at which it was originally let approximately 9 years ago) at £7,800 per annum. It is considered that a number of the apartments are let at below market level and that if increased to £850 pcm, rental income would increase to £71,400 per annum.
Subject to Contract
The Vendor proposes to dispose of the Freehold interest on an unconditional basis, subject to the existing tenancies at £680,000 subject to contract.
At this level, the gross yield would be approximately 9.5% on the current rents. Potential reversionary gross yield of 10.5% if rent increased to £71,400 per annum.
The property is located in the town centre on Church Street fairly close to The Cross which is the junction of High Street, Barton Street and Church Street and in very close proximity to Tewkesbury Abbey. Views of the Abbey available from the front apartments. Attractive views at the rear over riverside development and huge expanse of grassland known as The Ham.
Number 76 is a multi-let period mid-terrace, three storey building. Significantly updated and converted in the early part of this century to predominately residential use in 6 units but retaining the commercial unit on the ground floor. It is not a Listed Building.
Approximate measurements and Net Internal Areas
Six residential flats are all one bedroom apartments of fairly similar size. Gross internal floor areas for each floor are as follows:
Ground Floor 62.96 sq m
First Floor 78.24 sq m
Second Floor 79.40 sq m
Third Floor 79.40 sq m
Total 300.00 sq m (3,229 sq ft)
A side passage leads to the rear, bin store area and pedestrian access to St Mary’s lane.
Current rental income - £64,500 including ground floor commercial unit let to a Food Bank at £7,800 per annum (the same rate at which it was originally let approximately 9 years ago) at £7,800 per annum. It is considered that a number of the apartments are let at below market level and that if increased to £850 pcm, rental income would increase to £71,400 per annum.
Subject to Contract
The Vendor proposes to dispose of the Freehold interest on an unconditional basis, subject to the existing tenancies at £680,000 subject to contract.
At this level, the gross yield would be approximately 9.5% on the current rents. Potential reversionary gross yield of 10.5% if rent increased to £71,400 per annum.
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£3,401 per month
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