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- An income producing residential investment opportunity located in the heart of Ashford, Kent, offering a variety of asset management angles.
- The property is located just 0.4 miles from Ashford International Station.
- Ashford International Station, provides a service via Southeastern Rail into central London in just 36 minutes. Additionally, Ashford is the only town the Eurostar train stops at after departing from London, with a journey time to Paris in less than 2 hours.
- The building was developed under Permitted Development Rights in December 2016 and comprises 33 apartments.
- 30 x 1 beds, 3 x studios, NIA – 10,689 sq ft.
- In addition, there are 6 retail units which are all sold off on long leases.
- The apartments are fully let on an FRI basis to Paramount Independent Property Services, a social housing provider who service 25 local authorities across Kent and the south east.
- For the year ended 2022, the tenant has reported Turnover of £13,125,543 and an Operating Profit of £1,581, 875.
- The annual rent roll is £346,649.34 per annum and the tenants lease expires in December 2026.
- There is a rent review due in December 2024, this is uncapped and in line with Rental Price Index (RPI).
- The tenant has proposed new lease terms for a 15 year term (further information available upon request).
- Estimated Rental Value on an AST basis is in the region of £350,000 per annum.
- Freehold.
- OIEO £3,750,000 (Three Million, Seven Hundred and Fifty Thousand Pounds), subject to contract.
- Reflecting an 8.9% Net Initial Yield, assuming purchasers costs of 4.25% applying multiple dwelling relief and a low value of £113,636 per unit.
