112 - 126 Wetherby Road, Roundhay, Leeds, LS8

*BEST & FINAL OFFERS BY 5PM ON 15 JULY 2024*** AN EXCITING INVESTMENT OPPORTUNITY TO ACQUIRE A PORTFOLIO OF EIGHT SELF CONTAINED FLATS CURRENTLY LET TO PROFESSIONAL TENANTS. Freehold. Council Tax Band C.

*BEST & FINAL OFFERS BY 5PM ON 15 JULY 2024***

THE DEVELOPMENT
Presented to the market with the benefit of NO ONWARD CHAIN, this is rare opportunity to acquire a small development of eight self-contained flats split across two blocks; with each block having 2 x 2 bed flats and 2 x 3 bed flats.

The development is currently on a single Freehold title, which could be split in the future to create Leaseholds with a view to selling the individual flats separately or perhaps selling one block and retaining the other.

Each flat has its own entrance, which limits the communal areas to the grounds and gardens. At the rear of the development are nine garages, with each flat having use of one. The ninth garage is leased to our sellers on a 99 year lease from 1959 and is let on a separate agreement at £75pcm (which is not included in the gross rental income below).

The development is for sale as a going concern – current fixed term tenancies unaffected.

RENTAL INCOME
Currently, the development is fully let to professional tenants producing a gross rental income of £70,560, with minimal void periods between tenancies. We believe there is an opportunity to increase the overall rental income further by refurbishing some of the flats. All tenants pay their own utility and council tax bills. Two of the flats are currently being marketed at increased rents and we will update the gross rental income figure once these are let.

OUTSIDE
The development is set back from Wetherby Road in communal grounds and gardens. At the rear of the development are nine garages. There is some on street parking at the front on Wetherby Road.

LOCATION
The development is located approximately 3 miles from Leeds city centre, in the sought after north Leeds suburb of Roundhay. Roundhay Park is on the doorstep, with the vibrant amenities of Oakwood being a short walk away. The location is ideal for commuters requiring straightforward access to Leeds city centre, but also for anyone working in Harrogate, Wetherby, York etc. The recently completed East Leeds Orbital Road is a short drive away, and has helped to significantly cut commuting time.

TENANCY INFORMATION & APPROXIMATE FLOOR AREAS
BLOCK ONE
112 – a 3 bed, 1 bath first floor flat with a floor area of approximately 75 square metres. Fixed term AST until August 2024.
114 – a 2 bed, 1 bath ground floor flat with a floor area of approximately 73 square metres. Fixed term AST until August 2026.
116 – a 2 bed, 1 bath ground floor flat with a floor area of approximately 74 square metres. Fixed term AST until July 2024.
118 – a 3 bed, 1 bath first floor flat with a floor area of approximately 75 square metres. Fixed term AST until August 2025.

BLOCK TWO
120 – a 3 bed, 1 bath first floor flat with a floor area of approximately 76 square metres. Fixed term AST until December 2024.
122 – a 2 bed, 1 bath ground floor flat with a floor area of approximately 73 square metres. Fixed term AST until March 2025.
124 – a 2 bed, 1 bath ground floor flat with a floor area of approximately 74 square metres. Currently advertised for rent at £950pcm.
126 – a 3 bed, 1 bath first floor flat with a floor area of approximately 75 square metres. Periodic tenancy.

All of the 2 bed flats are located on the ground floor, with all of the 3 bed flats located on the first floor. Each flat has its own entrance, a lounge/dining room, a separate kitchen, a bathroom, a separate WC and either 2 or 3 bedrooms.

EPC RATINGS
112 – C
114 - D (expired, waiting on new EPC)
116 - D (expired, waiting on new EPC)
118 - D
120 - D
122 - D
124 - C
126 - C (expired, waiting on new EPC)

MATERIAL INFORMATION
TENURE
The development is on a single Freehold title.

SERVICES
The property has mains gas, electricity, water and drainage/sewerage, which were connected and working at the time of our inspection.

BROADBAND/MOBILE SIGNAL & COVERAGE
BROADBAND is available in this area / MOBILE SIGNAL & COVERAGE is available in this area.

FLOOD RISK & PLANNING PERMISSION
FLOOD RISK – not known to be an issue / PLANNING PERMISSION – none in the immediate area.

MARKETING PHOTOS – we are using photos taken prior to the current tenants moving in.

COUNCIL TAX BAND C