18 High Quality Apartments
A unique opportunity to acquire a fabulous development of 18 apartments in a prime, town centre location.
The current owners have advised us that a gross annual yield of approximately 7.% is achievable, based on the current rental figures. At the time of writing, all but one of the apartments are rented out, and the final unit will be let in the coming weeks. The high quality of this development ensures that occupancy levels remain high and monthly rental income for each unit exceeds that of nearby, rental properties.
Cumbria House stands opposite Workington Town Hall on the site of a former ballroom, which was demolished to make way for this development. Completed in 2012, the complex comprises the following:
Two 2 bedroom penthouses with two bathrooms and private balconies to the front and rear
Four 2 bedroom apartments with balconies
Five 2 bedroom apartments
Two 2 bedroom duplex apartments
Two 1 bedroom duplex apartments
One 1 bedroom apartment
Free, off-road parking is available immediately behind the complex, whilst residents can also benefit from resident parking permits, within the local disc zone. There is a bus stop in front of the apartment block.
Access to the majority of the properties is by secure, main and rear entrances. A modern lift and clean, bright stairs lead to the upper floors. Five of the apartments have individual, front door access – direct from the street. The complex is fully compliant with all current safety regulations, including fire safety.
Each property is fully furnished, including fridge-freezer and washing machine, and has connections for a telephone and Sky TV. Central heating of individual apartments is powered by electric boilers feeding a standard wet system and radiators. A separate electric boiler within each unit provides hot water.
There is no mains gas to the complex, reducing the need for maintenance and gas safety certification. Individual meters for electricity and water help to keep administration costs low.
All properties are very spacious and have benefited from regular, programmed maintenance and redecoration. The indicative photographs within this listing are of one of the two bedroom units.
In summary, a fantastic opportunity to buy a high quality and fully established, freehold complex with 18, individual apartments. Just seven years old and fully compliant with all safety regulations, the property has been impeccably maintained and serviced. With outstanding occupancy levels and gross yields in excess of 15%, this is great opportunity for anyone seeking a modern, proven, residential lettings business.