Details

This spacious, two-bedroom, first floor flat can be found in Colchester's vibrant city-centre. This well-presented apartment is offered with a good-size fitted kitchen; lounge with dual aspects, two bedrooms, and a family-size bathroom. Outside, there are communal gardens and parking. The rental income for this property would be in the region of £850 per calender month.

St Augustine Mews not only enjoys easy access to the city centre, but also Colchester's historic Norman Castle and its parklands; the First Site Art Gallery; Colchester Arts Centre; shops; restaurants; theatres and cinema. Colchester Town Station is the secondary railway station serving Colchester (north) and is also easily accessible by foot.

The tenant is currently paying a rent of £850 per calendar month, however the lease renewal is at the end of November 2024 and we feel a rental increase to at least £950 pcm would be achievable.

Service Charge - £1,000 pa
Ground Rent - £100 pa
Lease Length - 98

Yields:
At the current rental price of £850 pcm it would generate a yield of 5.8% if purchased at £155,000.
At an increased rental price of £1,000 pcm it would generate a yield of 7% if purchased at £155,000.

HALL - 17' x 4' (5.2m x 1.2m)
Radiator, security entrance phone, recessed lights, consumer unit.

LOUNGE - 14'5'' x 18' (4.4m x 5.5m) at widest points
Radiator, television and telephone points, window to rear and side.

KITCHEN - 10'6'' x 6'2'' (3.2m x 1.9m)
A range of cupboards and drawers under a rolled edge worktop with matching tiled splashbacks and wall mounted units above. One and a half bowl sink with mixer tap and drainer, space for fridge/freezer, plumbing for washing machine. Four ringed hob with oven under and extractor above. Wall mounted boiler, window to rear.

BEDROOM - 1 - 11'8'' x 9'6'' (3.6m x 2.9m)
Radiator, telephone point, window to rear.

BATHROOM - 6'10'' x 6'3'' (2.1m x 1.9m)
Low level WC, hand basin, panelled bath with Victorian style mixer tap and shower attachment, splashback tiles, radiator, window to rear, extractor.

BEDROOM - 2 - 9' x 7'9'' (2.7m x 2.4m)
Radiator, window to rear.

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 O2 & Vodafone (details obtained from Ofcom Mobile and Broadband Checker) - August 2024.

Utilities - Mains Electric / Gas Fired Central Heating / Mains Water /Mains Sewerage.
Construction Type - We understand the property to be of Traditional Construction of brick.

Flood Risk - Data Taken from Gov.UK Flood Map - checked August 2024 - The property is at medium risk of surface water flooding and very low risk of flooding by rivers or sea.

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.