Flat for sale in Blackwood NP12, 4 Bedroom

Reference - 45799

Description
This is a delightful opportunity to purchase an investment property in an ideal location. The property currently has 2 flats above a large convenience store and is based in the Blackwood area of South Wales, on a very busy housing estate. This large terraced property combines number 3 and number 4 to offer a large retail area under 2 flats both of which have two bedrooms.

The ground floor was rented to a large corporate client in 2014 and is upon a 15-year lease. The terms include rent reviews every 5 years at market rates and a break clause every 10. This lease is a full repair and replace lease. Currently this client pays the vendor the sum of £21,200 per annum and has already extensively renovated the shop premises. The ground floor occupies a total area of some 2,640 sq. Feet.

The first of the two 2 bedroomed flats are secured upon a rolling lease by the same tenant who has been resident for the last 10 years. These two bedroom flats have a shared front entrance and its own front door. The flat has not been renovated like the rest of the property. This flat generates a current annual rental income of £4,680 per annum

The second flat is leased to a housing association. This flat is fully cared for and maintained by the housing association and is re-decorated after every tenant change. It also is 2 bedrooms and has a shared entrance with flat 1. Current annual income is £4,322 per annum.

Each tenant is responsible for their own council tax/business rates and all services to the premises are separate allowing each client their own bills.

The property was purchased by our client over 20 years ago and the ground floor was operated by them as a general store with A1 use. They sold the store to One Stop in 2014 and they now are the corporate client.

In addition, the vendors have storage under the shop accessed from the rear, which is not included in the rental agreements. This could potentially offer another income stream.

Blackwood comes under th

Sales
Ground Floor Corporate Client 21,200 pa
Flat 1 Private client 4,680 pa
Flat 2 Corporate client 4,332 pa

Accounts
Current records and accounts can be inspected after viewing.

Building External
The property is located at 3 to 4 The Circle, Manor Road, Blackwood and is a 2-storey construction built in the 1970’s, built of brick under a tiled roof and forms a series of terraced properties. The ground floors have been co-joined to offer a store of approximately 2,640 sq. Feet. And has been fully renovated and fitted out to a very high specification by the current tenant.
The flats are accessed from the front of the property area and share a common front door leading to a hallway. The hallway offers two front doors, one left one right. This is the access to the flats.

Both flats are of 2 bedrooms. One flat is currently rented to a corporate client on a full repair and maintenance lease and is renovated and fitted to a high standard.

The other flat, virtually a mirror image has been let to the same client for over 10 years and will remain in situ.

To the rear of the property, and due to the fact, the rear is lower than the front there is access under the shop area. This has not been included within the store lease and offers excellent storage facilities although head height is restricted.
To the front of the property there is ample on street communal parking and to the rear is dedicated parking for the shop and flat occupiers.

Building Internal
Commercial Letting
The ground floors are co-joined and let upon a 15-year lease to one stop. They have totally renovated the ground floor and shop front to a stunning level of quality. They are committed to keeping a store in the area which has full A1 use. The shop front is full commercial aluminium and double glazed.

Inside a full transformation has taken place into what it is now including replacement ceiling with specialist lighting system, fully air conditioned, tiled floor and shelving and counters to high standards. Total usable shop floor in excess of 2,000 sq. Feet with a separate store area, staff kitchenette and staff toilets. The store also benefits from full CCTV and an alarm system that is fully monitored.

Residential Letting Accomodation
The residential accommodation has its own separate entrance, both flats share a front door leading to a hallway. Details of the flats are as follows:

Flat 1
A fully fitted bathroom is located to the right with bath and over bath shower. The lounge and kitchen are of open plan design with a range of wall and base units, the kitchen area has a small dining area incorporated.
The lounge is large and overlooks the Circle. The flat has a further 2 bedrooms both of which are doubles. All floorcoverings are carpet.

The property has its own services and is double glazed. Gas central heating, of which the boiler was recently replaced. This flat has high standard but has not been fully renovated.

Flat 2
This flat was totally renovated 3 years ago to an exceptional standard and is currently leased to a housing association. The flat is a mirror image of flat one with the exception of the fact that the kitchen/dining room is totally separate from the lounge. The bathroom is half tiled.

Tenure
The property is being offered upon a freehold basis with 3 sitting tenants, 2 of which are corporate clients and 1 private client.

We have been unable to check this information and advise prospective purchasers to consult their own solicitor for verification.

Summary
This investment opportunity offers an excellent return on income for a substantial 2 property freehold sale. Long standing leases, long term clients and regular rent reviews. This will attract the seasoned investor as well as someone wanting to generate their own portfolio
The property represents an ideal opportunity and demand is expected to be exceptionally high, therefore early viewing is a must.