Details

Boydens are pleased to offer an investment opportunity through our Off-Market Property Service. This two bedroom freehold property is located to the West of Colchester town centre, benefitting from many local amenities and being sold with a tenant in situ.

The Investment:
The current tenant is currently paying a rent of £800 per calendar month, however this rent is not full market rental value, if the property was to be re-let then a rent of £975 pcm would be achievable.

Yields:
At the current rental price of £800 pcm it would generate a yield of 4.97% if purchased at £165,000 - taking into account a service charge of £116 pcm.
At the increased rental price of £975 pcm it would generate a yield of 6.25% if purchased at £165,000 - taking into account a service charge of £116 pcm.

Added Value:
We believe that this property has the potential to add further value to in the future. In 2022 we sold a very similar property on the same road for £190,500. With average house prices in Colchester increasing 5% over the last 3 years this property is an excellent mid-to-long term investment in a very sought after area, future-proofing your investment.

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.

The property:
Accessed via the front door which opens directly into the open plan lounge/dining space with stairs to first floor, uPVC double glazed window to the front aspect and an understairs storage cupboard this space is well proportioned and there is space to create home working space as well as lounge and dining spaces. The kitchen is off here with window to the front aspect, fitted base and eye level units with inset stainless steel sink, electric hob and space for appliances.

On the first floor there are two bedrooms, the principle is of a generous sized double with window to the front aspect whilst the second is of a single size. The family bathroom is on the first floor complete with panelled bath with shower over, close couple WC and pedestal style wash hand basin.

Externally there are communal gardens to both the front and rear of the property as well as a bin store and parking to the rear.

Tollgate Court is situated to the West of Colchester, with close access to the north and south A12. Stanway School is located nearby and a further selection of schools are also nearby in Lexden. For railway commuters, Marks Tey mainline station is just a short drive away, which provides direct links into London's Liverpool Street. Nearby amenities include a large Sainsbury's supermarket, a number of national restaurants and Tollgate retail park.

LOUNGE - 17'8'' x 8'10'' (5.4m x 2.7m)

KITCHEN - 14'5'' x 5'2'' (4.4m x 1.6m)

LANDING - 9'9'' x 7'4'' (3m x 2.2m)

BEDROOM - 1 - 11'6'' x 7'11'' (3.5m x 2.4m)

BEDROOM - 2 - 7'8'' x 6'3'' (2.3m x 1.9m)

BATHROOM - 6'9'' x 5'9'' (2.1m x 1.8m)