Available
Tonbridge – Block of 4 Flats with Planning for Additional 2 Flats
23 Quarry Hill Road and 31 Waterloo Road, Tonbridge, Kent TN9 2RNFreehold Residential Block Investment with Additional Development Potential
Price
OIEO £825,000
Rent P.A.
£49,020
Yield
5.94%
Tenure
Freehold
Area
1,625 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises mid-terrace building recently converted into 4 x 1-Bedroom Flats
- Planning approved for development of additional 2 x 1-Bedroom Flats at rear land
- Located within short walk to Tonbridge Train Station, with occupiers nearby include Lidl and McColl`s, amongst other local retailers
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises mid-terrace 4 storey building recently converted into 4 x 1-Bed Flats, accessed via newly built stair tower at rear, providing the following accommodation and dimensions:
Lower Ground Floor: Flat 23 37.94 sq m (408 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Ground Floor: Flat 23A 37.67 sq m (405 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
First Floor: Flat 1 37.94 sq m (408 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Second Floor: Flat 2 37.54 sq m (404 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Total area size: 151.09 sq m (1,625 sq ft)
Development Opportunity:
Planning approved in December 2021 for demolition of existing workshop at rear of the property and construction of apartment building containing 2 x 1-Bedroom Flats, providing the following accommodation and dimensions:
Ground Floor: Flat 1 36.72 sq m (395 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
First Floor: Flat 2 36.72 sq m (395 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
For more information please refer to planning application TM/21/02770/FL
Tonbridge and Malling Planning Portal - www.tmbc.gov.uk/planning
Lower Ground Floor: Flat 23 37.94 sq m (408 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Ground Floor: Flat 23A 37.67 sq m (405 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
First Floor: Flat 1 37.94 sq m (408 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Second Floor: Flat 2 37.54 sq m (404 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Total area size: 151.09 sq m (1,625 sq ft)
Development Opportunity:
Planning approved in December 2021 for demolition of existing workshop at rear of the property and construction of apartment building containing 2 x 1-Bedroom Flats, providing the following accommodation and dimensions:
Ground Floor: Flat 1 36.72 sq m (395 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
First Floor: Flat 2 36.72 sq m (395 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
For more information please refer to planning application TM/21/02770/FL
Tonbridge and Malling Planning Portal - www.tmbc.gov.uk/planning
Tenancy Description
Flat 23A is at present let on AST to an Individual for a term of 12 Months from 21st April 2023 at a current rent of £11,940 p.a. Deposit held of £1,148.07.
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 27th February 2024 at a current rent of £11,940 p.a. Deposit held of £1,148.05.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 9th June 2023 at a current rent of £11,940 p.a. Deposit held of £1,148.07.
Flat 23 is at present let on AST to an Individual for a term of 12 Months from 19th February 2024 at a current rent of £13,200 p.a. Deposit held of £1,269.23.
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 27th February 2024 at a current rent of £11,940 p.a. Deposit held of £1,148.05.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 9th June 2023 at a current rent of £11,940 p.a. Deposit held of £1,148.07.
Flat 23 is at present let on AST to an Individual for a term of 12 Months from 19th February 2024 at a current rent of £13,200 p.a. Deposit held of £1,269.23.
Tenancies & Accommodation
Location Description
Tonbridge is a thriving market town with a resident population of approximately 40,000. The town offers an excellent range of retail and leisure facilities with many High Street stores, banks and building societies, together with a selection of coffee shops, restaurants and local pubs. It boasts a fine example of a 'Motte and Bailey' castle built in the 13th century, set on the banks of the river Medway. The property is situated on the Western side of Quarry Hill Road at the southern end of the town within 100m of Tonbridge Station. Occupiers nearby including Lidl and McColl`s, amongst other retailers.