York Investment Opportunity
- 3 x 1 Bedroom Leasehold Apartments
- Operating as Serviced Accommodation
- Highly regarded central location in York city centre
- Gross Revenue Forecast £189,000
- Anticipated ROI 20% / 29%
Being sold as seen and as a going concern we are delighted to be facilitating the sale of this superb investment property. The property is located in York’s most famous street, representing tremendous potential for it’s current and proposed use, in addition to substantial and consistent growth potential. The property is by far the most existing opportunity that we have listed to date, this property is a “trophy” property but also a high return investment proposition for both cashflow and capital growth – a very rare combination!
The property dates back to around 1840 with a long standing history it is unsurprising that the property is protected by Historic England being given Grade II listing status (link to listing here). This means additional approval will be required for external works and potentially internal works that include the removal of original features and structures. Fortunately, we are not proposing any alterations to the fabric of the building within the substantial modernisation plans.
Please note that the financial projections are the proposed works have been completed. We are proposing a full programme of modernisation for the property to maximise its potential.
The property is a block of three, one bedroom apartments occupying the first, second and third floors of the four storey building. Fronting The Shambles with an Easterly aspect, and no buildings positioned directly opposite the property benefits from open views of the city scene also allowing for wonderful daylight to stream into the open plan kitchen living spaces in the morning. Not that guests will be in the property a great deal with the vast array of activities and eateries on the door step, but it is a great place to sit and watch the daily hustle and bustle on the shambles. I doubt that your guests will be left wanting for much at all with a stay in any of these apartments!
The First and Second floor apartments are very similar in terms of layout, the Third floor apartment is unique with its sloping ceilings and numerous roof windows to the front and rear of the building.
The property is provisioned with electric only, there is no gas at the property. There is a single electric meter servicing the communal areas and three apartments.
The property is being offered on a leasehold tenure. The lease will be set up by the seller upon sale and will be a 250 year term. There will be a peppercorn rent payable and no service charge, the Freeholder will organise any insurance, works and repairs to the building and will apportion the cost to the leaseholders. Which includes this property and the the separate shop on the ground floor – two leaseholders.
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Buyers premium of 2.4% inc VAT is payable upon completion. Non refundable reservation fee of 25% + VAT of the buyers fee or £1,500 + VAT whichever is greater, deducted from the buyers premium is due upon sale agreed.
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