This property is no longer on the market
Block of apartments
Key information
Property description & features
- Tenure: Leasehold
- Attractive Grade II listed building
- Town centre location
- Fully let & providing an annual income of £41,400.00 (5.55% yield)
- Potential annual income of £49,200.00 (6.6% yield)
- Stamp Duty Land Tax relief for the purchase multiple dwellings
- Commercial premises available for purchase by separate negotiation.
LOCATION
Newmarket renowned as the British Headquarters of horse racing offers an interesting and varied range of local shops and amenities. These include the National Horse Racing Museum, a twice weekly open air market, hotels, restaurants and modern leisure facilities. There is a regular railway service to London's Kings Cross and Liverpool Street stations via Cambridge. An excellent road network links the region's principal centres, including the University City of Cambridge and the historic market town of Bury St Edmunds, both approximately 13 miles from Newmarket.
DESCRIPTION
Milton House is a Grade II listed 4 story period building comprising of a lower ground floor commercial premises currently occupied by dental practitioners with 6 residential apartments above. There is a courtyard to the rear with pedestrian right of way for access to “The Avenue”.
The residential apartments are let on assured shorthold tenancy agreements.
SERVICES
Mains electricity, water and drainage are believed to be available to the premises. Interested parties are however advised to make their own enquiries of the relevant service providers.
ACCOMODATION
All measurements are approximate.
Flat 1 – 32sqm - Studio
Flat 2 – 64sqm - Studio
Flat 3 – 43sqm – 1 Bedroom
Flat 4 – 52sqm – 1 bedroom
Flat 5 – 49sqm – 1 Bedroom
Flat 6 - 52sqm – 1 Bedroom
TENANCIES
Flat 1 is let on an assured tenancy granted on the 3rd July 2019 and is currently generating a rent of £485pcm with a potential to be £600pcm.
Flat 2 is let on an assured tenancy granted on the 14th November 2016 and is currently generating a rent of £530pcm with a potential to be £650pcm.
Flat 3 is let on an assured tenancy granted on the 8th December 2014 and is currently generating a rent of £540pcm with a potential to be £700pcm.
Flat 4 is let on an assured tenancy granted on 20th May 2023 and is currently generating a rent of £725pcm.
Flat 5 is let on an assured tenancy granted on the 6th March 2019 and is currently generating a rent of £575pcm with a potential to be £725pcm.
Flat 6 is let on an assured tenancy granted on the 19th December 2020 and is currently generating a rent of £595pcm with a potential to be £700pcm.
EPC RATINGS
The property has multiple EPCs, however the property is also Grade II listed so is eligible for an exemption. The current ratings are:
Flat 1: F
Flat 2: F
Flat 3: E
Flat 4: D
Flat 5: E
Flat 6: E
PRICE
The Leasehold of the six flats is available subject to the existing tenancies at a price of £745,000 (Seven Hundred & Forty Five Thousand Pounds)
VAT
We understand that VAT will not be charged.
SERVICE CHARGE
Each flat is responsible for 12.5% of the communal expenditure for the building which equates to about £1,050.00 for 2023. The service charge amount could go up or down to cover unexpected expenses. Included in the service charge are day to day running expenses including buildings insurance, communal lighting, cleaning, maintenance, repairs and legislative compliance.
Tenure
The flats will be granted with a brand new 125 year Lease.
LEGAL COSTS
Each party will be responsible for their own
legal costs.
Note
1. The hatched areas on the adjacent plan denote a pedestrian right of way to the rear of Milton House.
2. The Commercial premises on the lower ground floor is also available for purchase by separate negotiation. If the commercial premises is also purchased, then the freehold of the whole building can be sold. Please contact Pocock & Shaw for further details on this premises including current rent, terms of the lease with the occupier and price.
VIEWING
Strictly by appointment only
Please contact Piers Saunders for all enquiries.
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