Property description

LOCATION
Located along Prospect Place, overlooking South Bay and the Sea, this very well maintained block of flats is only a short walking distance to the full range of services offered by the town centre and is therefore ideally located for rental occupiers. The property sits on an elevated position, with views stretching across Scarborough. Scarborough's town centre has many major shopping chains alongside boutique independent shops. As well as a main pedestrianised shopping street and the Brunswick Shopping Centre, boutique stores can be found on Bar Street and St Thomas Street, all within walking distance of the property. Scarborough itself is not only a tourist and holiday destination but a sustainable town year-round boasting of a population of some 108,000 (2011 census). The town is serviced with excellent transport links, by the A64 linking Scarborough with York, Malton and Leeds and onto the A1(M) and A19. The train station is close by and the town is served by 25 main bus routes. The University of Hull: Scarborough Campus is also located nearby.

DESCRIPTION
• Popular town centre location, with unrivalled sea views from all flats

• Rare investment opportunity in a very well maintained building

• Excellent letting history with strong rental demand

• Fully let

• Under the same ownership for over 15 years, as part of a large portfolio

• Annual rental income: £26,056

• Good potential for substantial medium to long term capital growth

• Adjacent site is under development and also available at £150,000

• 1 x 2 bed flat, 3 x 1 bed flat and 1 x studio

• £420,000

• 6.2% gross yield.

ACCOMMODATION
A very well maintained building consisting of 5 flats in total, all boasting sea views providing the following accommodation: 1 x 2 bed flat, 3 x 1 bed flats and a studio. The building has undergone a regular maintenance programme by a proud local owner. Adjacent to the building is a building plot, with planning consent for a 4 bedroom dwelling. Construction has commenced. The building is available at a price of £100,000 (OIEO).

SERVICES
Mains water, electricity and drainage are available and are believed to be connected. Prospective purchasers are advised to make their own enquiries.

TERMS
The property is available subject to the above terms at a price of £420,000.

OTHER
Rent £26,056 pa currently received.

EPC Available on request

VIEWING
To view the premises or for any further information please contact the sole agent: