0 Bedroom House for sale in North West, England for GBP £1,200,000

RESIDENTIAL INVESTMENT PROPERTIES.
Two residential investment properties for sale as a single entity. Arnison Court has 25 Studio Apartments and 1 one-bedroom flat. Salutation House has 4 two-bedroom flats, 1 single studio apartment and 1 double studio apartment. Fully let on Assured Shorthold Tenancies and a Lease to Centre Parcs. Potential Annual Income £96,562. Freehold.

LOCATION
Penrith is a market town located on the north east fringe of the Lake District with a population of around 16,000. It lies at the junction of the M6 motorway and the A66 trans-Pennine trunk road and has a Station on the west coast main line linking London and Glasgow. Major retailers in the town include Woolworths, Burtons, Casuals, Argos, Morrison’s, B & Q, Aldi, W H Smith, Boots and Wickes. The Penrith New Squares development, due for completion in 2010, will include a Sainsbury's supermarket, 31 individual shops, restaurants, cafes and bars, 199 apartments and houses, and a new car park of 1,150 spaces. The properties lie within a few yards of each other. Salutation House fronts onto Victoria Road and Arnisons Court lies between Southend Road and the New Squares Development, both close to the town centre.

DESCRIPTION & ACCOMMODATION

ARNISON COURT
Arnison Court comprises a purpose built development of 25 fully furnished single studio apartments and 1 fully furnished one-bedroom flat around a central courtyard. The development is on 2 storeys with rendered elevations and pitched roofs. Each studio apartment has a living/bedroom with a kitchen corner and shower room. The one bedroom flat has a separate bedroom in addition.

SALUTATION HOUSE
Salutation House is a Victorian mid-terrace property, which has been converted to provide 1 fully furnished single studio apartment with kitchen corner and shower room, 1 fully furnished double studio apartment with separate kitchen and shower room, 3 two-bedroom flats en suite with living room and kitchenette and 1 two-bedroom flat with living room, kitchenette and shower room.

SERVICES
We are advised that mains water, electricity and drainage are connected to the properties. The units have electric panel heaters and card meters and Arnisons Court has CCTV. No warranty is given regarding the working order of any appliances or services referred to in these particulars.

FIXTURES & FITTINGS
Any items in the nature of fixtures and fittings not referred to in these particulars are excluded.

TENURE
We are advised the properties are freehold.

OCCUPATIONAL AGREEMENTS
The following units are let on 6 month Assured Shorthold tenancies at the rentals shown for the year:

ARNISON COURT

Studio Apartments
£2,912 each

One Bedroom Flat
£1,092*

* The one-bedroom flat is occupied by a manager/ caretaker of the development at a concessionary rent.

SALUTATION HOUSE

Studio Apartment
£3,120

Double Studio Apartment
£3,640

The 2 Bedroom Flats are let to Centre Parcs at an annual rental of £16,681.

The tenants pay separately for Council Tax, electricity (via card meters) and water rates.

RENTAL INCOME
Accounts for the year ended 31 March 2008 show the following income:

Arnison Court
£73,556

Salutation House
£16,246

Additional rent for 2008/09 includes 2 studio apartments at £6,720 and the expected income is therefore £96,562.

Annual overheads are estimated at £10,000.

VAT & STAMP DUTY
All reference to price, premium or rent are deemed to be exclusive of VAT unless expressly stated otherwise. Stamp duty is liable at the prevailing rates.

VIEWING
Strictly by appointment with the sole agents, PF&K Commercial.
Tel. 01768 862135.
Fax 01768 892101.
E-mail. commercial@pfandk.co.uk
Date 28/07/08
Reference C1498