Church Road, Paddock Wood

INVESTMENT OPPORTUNITY - An exceptional opportunity to acquire a a block of flats and a development plot for for three town houses. Comprising 7 one bedroom apartments. The eighth flat offers an opportunity to be purchase via another agent. Full planning has been granted for three, 3 bedroom town house dwellings. Located a short distance from the town centre and mainline station. Currently six of the one bedroom flats have shorthold tenancies, one flat is vacant possession. Allocated parking spaces. The building offers gas central heating and double glazing. The building consists of 8 flats in total whereby one flat was sold a few years ago as a leasehold flat. Lease 999 years as at 1st January, 2016. A  Management company is set up to provide maintenance of the building.

EPC's

Individual EPC's for each apartment are 'C' rating

Location

An exceptional opportunity to acquire a block of flats and a development plot. Offering the Freehold of the property, 7 one bedroom flats and an opportunity to purchase the 8th ground floor flat (flat 5) by separate negotiation for £185,000. Full planning permission has been granted to build 3 four bedroom houses to the rear of the development. Currently, six of the flats hold shorthold tenancies, two flats are vacant possession to include the remaining flat being sold by separate negotiation. The building offers gas central heating to each flat and double glazing. A Management company is in place to provide annual accounts and maintenance of the building. Viewing is strongly advised.

Planning

Planning permission has been granted for 3, three bedroom, terraced dwellings to the rear of the car park - planning reference:-23/02087/FULL - Tunbridge Wells planning. Beech Court TN12 6EX Please refer to the planning portal for constraints. Annual service charge £1,050.00 per flat. EICR electrical reports were carried out for each of the rental flats in 2021. Gas boilers have an annual service agreement and gas safe certificates. Beech Court - Planning reference 23/0208/FULL 8 - 1 bedroom apartments- Ground floor and first floor. Six Shorthold tenancies in place - 2 flats offer, Vacant Possession (to include the additional flat to be purchased separately). Build plot - 3 terraced dwellings Car parking for each dwelling, communal area for a washing line and bin storage. EPC 'C' Council tax 'B' Revenue from the flats will be shared at the point of an interested buyer . Lease 999 years as at 1st January 2016 Gas central heating is offered in all of...

Leashehold details

999 years as at 1st January 2016 - 980 year remaining.

Annual Service Charge £1,050.00 per flat

The will include the Freehold of all 8 flats.

Ground rent - to be confirmed

Ground Rent review period - to be confirmed

Rental income per flat £725.00 pcm