£800,000

Gross Yield: 6.8%

Block of Apartments

Citadel Road

45, Citadel Road, Plymouth, Devon, PL1 3AU

We are delighted to offer this superb development which could be the perfect hands-off investment with capital appreciation and cashflow.

45 Citadel Road is located on a prominent road in Plymouth close to the many tourist spots and City Centre and is currently being developed into 5 x luxury apartments by an experienced local developer (bio available on request) who can also offer on-going management services. The basement and ground floor will consist of 2 x spacious 2-bed apartments and then 3 x large 1-bed apartments on will be located on the floor above. The planning number is 19/01858/FUL and we encourage any interested parties to inspect this.

The properties have been earmarked as ideal short-term rentals for contractors (off-peak) and tourists and there is an expectation that an income of £125,455 can be generated PA which equates to yield of 15.7% gross.

As BTL properties we envisage an income of £54,600 PA which equates to a very healthy yield of 6.8% +.

Income

Expected Income, Costs & Net Income (before lending costs and tax)

Flat 1 - 2-bed apartment - expected income £12,000 PA

Flat 2 - 2-bed apartment - expected income £12,000 PA

Flat 3 -  1-bed apartment - expected income £10,200 PA

Flat 4 - 1-bed apartment - expected income £10,200 PA

Flat 5 - 1-bed apartment - expected income £10,200 PA

Total - Income £54,600 - Yield 6.8%

Features

Prominent Location

Freehold Block

Completion Expected Winter 2020

Striking Building and Development

Respected Local Developer

Management Agent in Place

Holiday Let Opportunity

2% + VAT Buyers Fee Applies

Buyer's Fee

2% + Vat 

Additional Details

  Property ID: 17642582
  Price: £800,000
  Property Type: Block of Apartments
  Bedrooms: 7
  Bathrooms: 5
  Receptions: 5