North Road West, Plymouth, PL1 5DJ

Francis Stuart are pleased to offer for sale this substantial converted property on North Road West, Plymouth, arranged as four self-contained flats and currently producing a combined rental income of £29,400 per annum.

The property comprises two one-bedroom and two two-bedroom flats.

All four flats are currently occupied by established tenants, with three of the four tenants having been in occupation for 10 years or more, providing an immediate income-producing investment from completion.

Flat 1 – £550 pcm Flat 2 – £550 pcm Flat 3 – £650 pcm Flat 4 – £700 pcm Total: £2,450 pcm / £29,400 per annum Based on a purchase price of £220,000, the current income represents a gross yield of approximately 13.4% This is an established rental investment rather than a newly refurbished or turnkey block.

The property would particularly suit an investor looking for an income-producing multi-unit property with scope to improve and modernise the individual flats and wider building over time.

The information currently available identifies areas requiring future repair and improvement, including signs of water ingress, leaking shower areas and general upgrading.

Part of the building is also understood to incorporate single-skin construction.

Buyers should therefore satisfy themselves as to the condition of the property and allow for appropriate repair and refurbishment works within their investment calculations.

All four flats have current EPCs, with ratings ranging from C to D and expiry dates in August 2036. The individual EICRs supplied for the four flats record an overall Satisfactory assessment.

Gas safety documentation is available for Flats 1, 3 and 4, observations requiring confirmation or attention. Flat 2 has no Gas connected.