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Property
Property description & features
- Tenure: Freehold
- Buy to Let Investment
- Block of Apartments with Commercial Unit
- Double Fronted Commercial Unit
- 8 Residential Units
- Central Morecambe
- All Residential Units Occupied
A superb investment opportunity to acquire a buy to let investment comprising of nine letting units. All eight residential units are currently occupied. With a gross income of £37,200. This could be improved significantly by letting the commercial unit and reviewing rents.
The property comprises of a double fronted ground floor shop unit, six one bedroom flats to the upper floors, a ground floor bedsit and a rear two/three bedroom cottage. All residential units are occupied.
Located on Queen Street in Morecambe, the building occupies a prominent position on the main road and this location provides a central position for the accommodation of the flats. Within the town centre, there is a shopping centre, amenities, library, health centre and railway station. There are road links and regular bus services to Lancaster City Centre and Heysham.
Morecambe is enjoying growing sentiment buoyed by the news of the Eden Project North plans and approval. Further to this access to the M6 motorway following the opening of the Bay Gateway link road which provides enhanced access to the Lake District, Kendal, Preston and central Lancashire.
Please see list of accommodation below alongside the current rents. There is scope for some units to increase the rent and therefore increase the potential income.
Flat 1a - £320pcm. Bedsit flat comprising; Kitchen, Bathroom, Bedroom/Lounge. Located to the rear of the main building. Ground Floor.
Flat 1 – £400pcm. One bedroom flat comprising; Kitchen, Bathroom, Bedroom and Lounge. Located to the rear of the building. 1st floor.
Flat 2 – £420pcm. One bedroom flat comprising; Kitchen, Bathroom, Bedroom and Lounge. Located to the front of the building. 1st floor
Flat 3 – £420pcm. One bedroom flat comprising; Kitchen, Bathroom, Bedroom and Lounge. Located to the rear of the building. 2nd floor.
Flat 4 – £420pcm. One bedroom flat comprising; Kitchen, Bathroom, Bedroom and Lounge. Located to the front of the building. 2nd floor
Flat 5 – £400pcm. One bedroom flat comprising; Kitchen, Bathroom, Bedroom and Lounge. Located to the rear of the building. Top floor.
Flat 6 – £300pcm. One bedroom flat comprising; Kitchen, Bathroom, Bedroom and Lounge. Located to the front of the property. Top floor
Maisonette ‘Cottage’ – £420pcm. Two/three bedroom maisonette comprising; Kitchen, Lounge, Bathroom and Bedroom 3/2nd Reception Room to ground floor. Two bedrooms to first floor.
Commercial Unit - Double fronted unit currently as one whole unit. Potential to split to two smaller units. Untenanted.
The communal areas are all equipped with a regularly serviced fire alarm system and emergency lighting.
Council tax band: X, Tenure: Freehold,
Places of interest
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