6 bedroom Block of Apartments

Scarborough, North Yorkshire, YO12 6LE

Guide Price : £350,000

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Full description:

Tenure: Freehold

A rare opportunity to acquire this block of 4 well presented flats on the ever popular Northside of Scarborough Town. The flats are within easy access of the North Bay, Peasholm Park and Open Air Theatre and are currently operating as holiday lets. The building generates an excellent income and is ready to operate from day one. On the ground floor there are two self contained one bedroom units, On the first floor there is a two bedroom unit and a further two bedroom unit on the top floor. Each flat has the benefit of separate services and gas central heating.

LOCATION: Scarborough is a resort town on the Yorkshire Coast with an established commercial, tourist and retail centre. It is approximately forty miles east of York with a population of in the region of 81,000, and a district population of around 110,000 (Sources: ONS and Focus). The town is adjacent to the North Yorkshire Moors National Park and attracts an estimated seven million visitors a year.

From Scarborough Railway Station, proceed along Northway onto Columbus Ravine. At the roundabout with Dean Road turn left. Turn right at the next roundabout onto North Leas Avenue then Givendale Road is a turning on the right hand side.

THE BUILDING: A substantial three storey former guest house is currently arranged as 4 self contained flats that all benefit from UPVC double glazing and gas central heating. The building was converted approximately 2014 and is well presented, making them perfect for Holiday lets.

GROUND FLOOR: Flat 1A - Lounge, open plan kitchen / diner, inner hall, shower room / WC, Double bedroom

Flat 1 - Entrance lobby, Lounge / Kitchen, Bathroom / WC, Double bedroom.

FIRST FLOOR: Flat 2 - Entrance Hallway, Open plan Lounge / Kitchen, two Double bedrooms, Bathroom / WC.

SECOND FLOOR: Flat 3 - Entrance Hallway, Open plan Lounge / Kitchen, two double bedroom, one with walk in cupboard, bathroom / WC.

OUTSIDE: To the rear is a detached single garage and large yard. This area could be opened up and cleared to provide car parking spaces for the flats.

RENTAL INCOME: We have been informed that the building has generated an average income in excess of £36,000 gross per annum, which could be improved with more management. Taking into account an approximate 15% deduction for management costs and bills the building should generate an initial yield of approximately 9.3%.

Should the building be converted to use as long term lets with Assured Shorthold Tenancy (AST) agreements in place then it is our opinion that it could generate an income in the regions of £20,000 per annum which would still be an initial yield of 6.25%.

TENURE: Freehold with vacant possession.

VIEWING: Strictly by appointment via sole agents, Colin Ellis Property Services on 01723 363565.

EPC RATING: Flat 1: C | Flat 1a: C | Flat 2: C | Flat 3: C

COMMERCIAL DISCLAIMER: Unless otherwise stated, all prices and rentals quoted are exclusive of any VAT to which they may be subject. Specific enquires should be made of the vendor/landlord for clarification prior to entering into any arrangement or agreement. These particulars are a general outline only, for the guidance of prospective purchasers or tenants and do not constitute the whole or any part of an offer of contract. Colin Ellis Property Services cannot guarantee the accuracy of any description, dimensions references to condition, necessary permission for use and occupation and other details contained herein and prospective purchasers or tenants must not accept as statement of fact or representation and must satisfy themselves as to their accuracy. The reference to any plan, machinery, equipment, devices, fixtures, or fittings at the property shall not constitute a representation unless otherwise stated as to the state or condition or that it is capable of unfulfilling its intended function. Prospective purchasers/ tenants should satisfy themselves as the fitness of such items for their requirements. Colin Ellis Property Services will not be liable in negligence or otherwise nor anyone arising from the use of these particulars. No employee of Colin Ellis Property Services has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property.

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