Property description

LOCATION
Situated close to the town centre of Shanklin and within easy reach of transport links. The property has private and communal gardens and off road parking for residents.

DESCRIPTION
The property consists of five self contained letting units, 4 x 2 bedroom flats (ground and first floor) and a self contained 3 bedroom bungalow. The site of the bungalow has planning permission for demolition and replacement with four two bedroom apartments www.iwight.com/planning and search for TCP/29524/A - P/00060/12 for further details.

All the units are currently let on Assured Shorthold Tenancies at rents of 2 x £550, 1x £500 and 1 x £575 per calendar, month for the two bedroom apartments and £700 per calendar month for the bungalow giving an annual income in the region of £34,000

TERMS
The freehold of the premises is offered with a price guide of £500,000

RATES
Each unit is individually rated for Council Tax (mainly Band A)

COSTS
Each party is to be responsible for its own costs incurred in any transaction

Property Features :

• Investment Opportunity
• 5 Residential units, 4 Flats & 1 Bungalow
• Planning Permission for some re-development