A terraced building which comprises of four flats suitable for letting and one commercial rental unit which is already tenanted. At the time of instruction, one flat and the commercial unit are tenanted. The property also benefits from a cellar area and a garage space which is part of the rental agreement on the commercial tenancy. If the building was to be fully occupied with tenants in each unit, the property could generate between £26,500 PAE and £29,000 PAE depending on the length of time the tenants are in situ.
Embankment Road is located in the Prince Rock ward of Plymouth, on the South Devon coast. The property is situated circa. 1.3 miles from Drakes Circus shopping centre and 1.7 miles from the main train station for the city. Plymouth is well known for its history and Royal Navy connections and benefits from a vast range of bars and restaurants.
Tenanted at the time of instruction for £500 PCM/£6000 PAE which includes the shop area, basement and garage in the rental agreement. This rental income is subject to a rent review during the marketing period for auction. For updates on this, please refer to the legal pack.
Flat one consists of a vacant one bedroom apartment. Flat two is a one bedroom vacant apartment. Flat three is an occupied rental unit currently tenanted for £475 PCM/£5700 PA featuring one bedroom. Flat four is vacant with one to two bedrooms.
Please be advised that this purchase will consist of obtaining the freehold for the entire building and the leases included in one transaction. One apartment is attached to the freehold of the building. Please refer to the legal pack for further information. Any prospective purchasers should seek guidance on letting agreements via their own investigations.
Energy Efficiency Ratings: Flat 1- D. Flat 2 - D. Flat 3 - F. Flat 4 - C. Commercial Energy Efficiency Rating - TBC
Lucy Fuller
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