Available
Workington – 2-Bed Flat
9A/9 Oxford Street, Workington, Cumbria CA14 2ALFreehold Residential & Retail Ground Rent Investment
Price
£65,000
Rent P.A.
£4,800
Yield
ERV: £7,200
Tenure
Freehold
Lease Term
24 Months
Years Left on Lease
7m
Area
1,076 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Flat under rented. ERV: £7,200 p.a. GIY: 11.08%
- VAT is NOT applicable to this property
- Comprises large 2-bedroom flat at first and second floor with retail shop at ground floor, which has been sold-off on long leasehold
- Asset management opportunity, flat under rented
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises large 2-bedroom flat arranged over first and second floor and retail shop at ground floor which has been sold-off on long leasehold, providing the following accommodation and dimensions:
First/Second Floor Flat: 100 sq m (1,076 sq ft)
2 bedrooms, kitchen, living room, bathroom
Ground Floor Shop: Sold-off
First/Second Floor Flat: 100 sq m (1,076 sq ft)
2 bedrooms, kitchen, living room, bathroom
Ground Floor Shop: Sold-off
Tenancy Description
The flat is at present let on AST to an Individual for a term of 24 Months from 10th August 2023 at a current rent of £4,800 p.a. Deposit held of £400. Flat under rented. ERV: £7,200 p.a.
The retail shop has been sold-off on long leasehold for a term of 999 years from November 2024 at a ground rent of peppercorn.
The retail shop has been sold-off on long leasehold for a term of 999 years from November 2024 at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
Workington, with a population of some 25,000, is located on the Cumbrian coast and is served by the A66 and A596. Carlisle is some 35 miles north-east, Whitehaven 8 miles to the south, whilst Penrith and the M6 Motorway (Junction 40) are 40 miles to the east. The property is situated on a main arterial route within short distance from the pedestrianised area of Pow Street, Washington Square and Ivison Lane. Occupiers close by include Peacocks, Holland & Barrett, Lloyds Bank, Superdrug, Argos, Savers and Specsavers amongst others.
