Chance to own historic Plymouth building with income potential

Situated within the popular regeneration area of Devonport, with various modern developments nearby, is this opportunity to acquire an ongoing freehold investment property comprising of six self-contained apartments.

Originally the old Admiral’s Quarter, this Grade II listed early-mid 19th century building is conveniently located close to the waters edge, regular transport links into Plymouth city centre and within easy reach of HMNB Dockyard. In addition to the six apartments, there is also the added benefit of an outbuilding (which is currently used to house the washing facilities and for storage) as well as the basement areas.

Whilst the building is being sold as an ongoing investment opportunity with tenants in situ, there is still further development potential to increase the value (subject to consents). The sale is to include the freehold as well as the individual leasehold titles within the building.

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All six flats are let on AST Agreements and are currently producing a gross annual income of £42,720 PA (£3,560pcm). There are four one-bedroom and two two-bedroom flats. The photographs are a selection of the flats (but not all) within the building.

The property has a variety of options including but not limited to, conversion into a House of Multiple Occupancy (ideally located outside of the Article 4 Directive) or further development by converting the loft space or basement to create extra apartments as well as Flat 2 which can be split into two individual - all subject to necessary consents.

The property is for sale by unconditional livestream auction Tuesday, December 3 at 1400. It has a guide price of £360,000 (plus fees). For more information contact Auction House, South West on 01752 474200.

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