Details

Boydens are pleased to offer off-market this great investment opportunity showcasing a two-bedroom house located within walking distance of Colchester's North Station.

The property comprises a fitted kitchen, lounge/diner, two bedrooms, with the principal bedroom offering ample space for a double bed, while the second bedroom provides comfortable accommodation for residents or guests. These bedrooms are complemented by a family bathroom featuring a bath with a shower over, WC, and sink, ensuring convenience and comfort for occupants.

Externally, the property benefits from a parking to the front and a good-sized rear garden.

The tenant is currently paying a rent of £850 per calendar month, however the lease renewal is at the end of May 2025 and we feel a rental increase to at least £1000 pcm would be achievable or £1200 pcm if you were to carryout light refurbishment works.

Please be aware that the purchase of this property is subject to a buyer's premium of 2% of the sale price, plus VAT. Additionally, there is an obligation to retain Boydens' management services for a duration of two years from the completion date.

Yields:
At the current rental price of £875 pcm it would generate a yield of 4.2% if purchased at £250,000.
At an increased rental price of £1200 pcm it would generate a yield of 5.76% if purchased at £250,000.

AGENTS NOTE

Local Authority - Colchester City Council.

Broadband Availability - Ultrafast Broadband available with speeds of up to 1000 Mbps (details obtained from Ofcom Mobile and Broadband Checker) - August 2024.
Mobile Coverage - It is understood that the best available mobile service in the area is provided by EE & O2 (details obtained from Ofcom Mobile and Broadband Checker) - August 2024.

Utilities - Mains Electric / Mains Water /Mains Sewerage

Construction Type - We understand the property is a purpose built block of flats built to traditional construction of brick and block.

Flood Risk - Data Taken from Gov.UK Flood Map - checked August 2024 - The property is at very low risk of flooding.

Planning Applications in the Immediate Locality - Checked August 2024 - We are not aware of any planning applications in the immediate locality.

MONEY LAUNDERING REGULATIONS - Please be advised that all purchasers will need to adhere to currents laws of money laundering and therefore will need to provide Boydens Estate Agents photographic identification and proof of residency identification before any transaction is started to comply with the legislation.