Block of flats for sale in Birmingham B16, 15 Bedroom

Guide Price = £800,000 - £900,000

Property for auction on 3rd April at 11:00 at Property Description:
A substantial investment opportunity comprising of four three storey properties having been formally converted (Ref 1992/00180/pa and dated 8th April 1992) to provide 15 well laid out self-contained flats and 1 storage flat all being separately metered and benefitting from UPVC double glazing and either gas fired central heating or Economy 7 electric heating. The development is set in approximately 0.58 Acres and further benefits from having secure gated access to the rear providing communal lawned gardens, car parking and substantial storage unit. The property is located on Gillott Road close to the junction with Hagley Road which is approximately within 1 miles distance from Birmingham City Centre. All of the flats are currently let producing a total current rental of £70,800 per annum with potential to substantially improve income by letting the storage flat subject to planning and through a programme of rent reviews to market rent.

Please Note
We are informed by the owner that the flats have not had a rent review for some time and therefore may well be rented below market value. A schedule of tenancies are detailed below:

Schedule of Tenancies
All flats are let on Assured Shorthold Tenancies:
Flat 1 £425 pcm (£5,100 per annum)
Flat 2 £365 pcm (£4,380 per annum)
Flat 3 £410 pcm (£4,920 per annum)
Flat 4 £415 pcm (£4,980 per annum)
Flat 5 £425 pcm (£5,100 per annum)
Flat 6 £375 pcm (£4,500 per annum)
Flat 7 £445 pcm (£5,340 per annum)
Flat 8 £385 pcm (£4,620 per annum)
Flat 9 £390 pcm (£4,680 per annum)

Flat 10 £375 pcm (£4,500 per annum)
Flat 11 £375 pcm (£4,500 per annum)
Flat 12 £365 pcm (£4,380 per annum)
Flat 14 £415 pcm (£4,980 per annum)
Flat 15 Currently used as a storage flat
Flat 16 £370 pcm (£4,440 per annum)
Flat 17 £365 pcm (£4,380 per annum)

Total Current Rental Income: £5,900 pcm (70,800 per annum)

Accommodation:
465 Gillott Road
Ground Floor
Flat 14 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Shower room
Flat 15 Currently used as storage but Having Entrance Hallway, Lounge/Bedroom, Kitchen and Shower room
First Floor
Flat 16 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom
Second Floor
Flat 17 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom

467 Gillott Road
Ground Floor
Flat 9 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Shower room
Flat 10 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Shower room
First Floor
Flat 11 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom
Second Floor
Flat 12 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom

469 Gillott Road
Ground Floor
Flat 5 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Shower room
Flat 6 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom
First Floor
Flat 7 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom
Second Floor
Flat 8 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom

471 Gillott Road
Ground Floor
Flat 1 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Shower room
Flat 2 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom
First Floor
Flat 3 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom
Second Floor
Flat 4 Having Entrance Hallway, Lounge, Bedroom, Kitchen and Bathroom

Outside:
Front Walled and lawned foregardens with gated access to the rear
Rear Communal gardens and large private car parking area with substantial storage shed accessed via a secure electric gate adjacent to 465 Gillott Road

Internal photos and plans are available to view online

Legal Documents: Available at
Viewings: Via Cottons