Daniells Harrison Chartered Surveyors have been recently instructed to market for sale the freehold of a modern purpose built block of apartments in Shanklin, producing a ground rent currently of £1800 per annum.
The building is detached, comprising 10 apartments in total and occupies an enviable position fronting Esplanade, Shanklin.
If you are looking for a modestly priced, secure property investment, David Wiggins, a Partner at Daniells Harrison Chartered Surveyors commented that
“at a price of £30,000, the investment would produce a gross initial yield of 6%. The ground rents are reviewed every 25 years under the terms of the leases granted on the 10 apartments in the building, with fixed increases. The next increase is 2040 when the ground rents will total £2,300 per annum.”
The freeholder is responsible for arranging and placing buildings insurance, this is not within the control of the Management Company.
Offers are being invited in excess of £30,000, for the freehold interest.
David Wiggins further commented that:
“unbroken modern apartment blocks are not often available locally. We expect a great deal of interest in this property from local investors and specialist ground rent investors.”
Further details are available from the Newport office of Daniells Harrison Chartered Surveyors, telephone 01983 821212, or on the website.