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- A rare development and regeneration opportunity consisting of an unbroken portfolio of 67 houses with an additional 5 plots of land across a 10 acre site.
- The site is 2.7 miles from Mildenhall town centre, 17 miles from Bury St Edmunds, 12 miles from Newmarket and 26.5 miles from Cambridge.
- The location has a strong letting demand from the two RAF bases close by in Mildenhall and Lakenheath, whereby employees benefit from a guaranteed rental allowance.
- 57 properties (85%) are let on ASTs producing an income of£393,120 per annum.
- 10 properties are currently vacant.
- Historically low rents owing to all properties being in an un-refurbished condition.
- Various asset management strategies with potential to break up and/or refurbish the properties, enhance management, develop and significantly grow rents.
- Freehold.
- In addition, there are 5 generous plots which offer the opportunity for additional detached houses, subject to planning.
- The ERV once fully let and refurbished is £751,140 per annum.
- Our client is seeking offers in excess of £6,900,000 (Six Million, Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT.
- This represents a significant discount to existing values which we believe is in the region of £8,600,000.
- Once the houses are fully refurbished, we believe the entire GDV to be in the region of £12,000,000 excluding the 5 plots.
- We believe the total break up value once all the houses have been refurbished and the 5 plots have been built to be in the region of £13,000,000.
- A purchase at the guide price would reflect an average capital value of only £102,985 per unit (excluding plots).
