- Hassle Free Investment
- Cash buyers only
- Close to Bullring & Arcadian Centre
- Rental Income of £769pcm (6% yield)
Birmingham Moor Street (0.3mi.)
Birmingham New Street (0.3mi.)
Grand Central New Street (0.3mi.)
CASH BUYERS ONLY! Another great investment opportunity on the 3rd floor of Dean House offered by Martin & Co. Property investment opportunities like this don't come along often. Purchase this well presented City Centre pad which is within minutes walk to the Bullring and have the money roll in from day one. For those of you that are not so familiar with the area, then it is worth noting that Dean House is located within walking distance to the planned HS2 train station at Curzon Street, as well as New Street and Moor Street Stations. The development is also located right within the heart of the area which will become known as Birmingham Smithfield, which is undergoing one of the largest City Centre regeneration schemes in history worth £500 million. So if you're looking for capital growth then this could prove to be a sound investment.
Now for the numbers...The apartment is currently leased out to Premier Suites who are an established serviced apartment company who operate worldwide and have been renting the apartment since it was built in 2006. Premier Suites have guaranteed a rent of £769 pcm, which gives a 6% yield. There are indexed linked (RPI) annual rent increases of between 1.5% to 3% throughout the term of the agreement. The current contract with Premier Suites runs until March 2021 when a new agreement can then be negotiated. Premier Suites are responsible for any maintenance to the fixtures and fittings within the apartment. This includes items such as the flooring, kitchen units and electric boiler. The ground rent is £150pa and the service charge is £810pa which is very reasonable in comparison to other City Centre developments. If you like what you hear and the numbers stack up, then give us a call.
Lounge Area: 16' 3" x 10' 6" (4.95m x 3.2m)
Kitchen Area: 8' 0" x 6' 1" (2.44m x 1.85m)
Bedroom: 12' 3" x 8' 11" (3.73m x 2.72m)
Bathroom: 7' 9" x 5' 3" (2.36m x 1.6m)
WHAT THE OWNER SAYS:
"I bought two apartments in Dean House around 13 years ago as investments. It gives a good yield and has been a hassle free investment for me. Premier Suites have been the tenant since I first bought it which means I have never had a void period and I have had consistent rental income with rent increases at various stages. The service charge is also very reasonable at around £800 pa, in comparison to other Birmingham apartments where it is over £1,500 pa."
Service charge is £810 per annum.
Ground rent is £150 per annum.
111 years remaining on the lease.
Lease, ground rent, maintenance details and tenancy details have been provided by the seller and their accuracy cannot be guaranteed. Should you proceed with the purchase of this property, these details must be verified by your Solicitor.
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