Maldon House, Kings Place, Bridgwater, Somerset TA6 3FE Key Facts Attractive building housing 7 apartments and studios. Town centre location close to local amenities. Building recently undergone high specification redevelopment. Current income of £51,660 per annum. Gross internal floor area of 2,808 sq ft with parking to rear. Freehold from £665,000.
Location Maldon House is located on the corner of Kings Place and York Buildings, a short walk from Bridgwater’s main shopping area Cornhill and the High Street.
Bridgwater, with a population of 41,000, is a market town located 9 miles north east of Taunton and 40 miles south of Bristol. The town benefits from access to both Junctions 23 and 24 of the M5 motorway and has attracted substantial residential and commercial development in recent years, with Hinkley Point C creating further opportunities in both sectors.
Description A large double fronted Grade II Listed building constructed in the late 18th Century of brick elevations with timber sash windows under a Roman tiled roof. The property has recently undergone extensive transformation from a dental clinic into 7 luxury apartments and studios.
The building comprises four 1 bed apartments and three studios, all with modern accommodation. Each apartment consists of a living space, kitchen area with electric oven and hob plus extractor, fridge, washing machine, microwave, and a shower room titled floor to ceiling in a contemporary design.
The entrance to 6 of the apartments is via the rear of the building, accessed internally via an imposing spiral staircase with the store area to the left as you enter the central hall. The largest apartment has its own access via the front of the building on York Buildings lane.
To the rear is a car park providing approximately 2 unrestricted spaces and a further 2 restricted spaces.
Accommodation The approximate gross internal areas are as follows:-
Flat 1 (1 bed) 45.03 sq m 485 sq ft
Flat 2 (studio) 27.04 sq m 292 sq ft Flat 3 (1 bed) 36.40 sq m 392 sq ft Flat 4 (studio) 23.92 sq m 258 sq ft Flat 5 (1 bed) 40.27 sq ft 434 sq ft
Flat 6 (studio) 27.82 sq m 300 sq ft
Flat 7 (1 bed) 37.33 sq m 402 sq ft
Store 5.43 sq m 58 sq ft Total 243.24 sq m 2,808 sq ft
Tenancies The majority of the apartments are currently let via Assured Shorthold Tenancies at the below rents:-
Flat 1 (1 bed) £725 pcm (£8,700 pa) Flat 2 (studio) £480 pcm (£5,760 pa) Flat 3 (1 bed) £650 pcm (£7,800 pa) Flat 4 (studio) £575 pcm (£6,900 pa) Flat 5 (1 bed) £650 pcm (£7,800 pa)
Flat 6 (studio) £575 pcm (£6,900 pa)
Flat 7 (1 bed) £650 pcm (£7,800 pa) Total £4,305 pcm (£51,660 pa)
Investment Currently the property has an income of £51,660 per annum when all apartments are let. This being the case, a purchase at the guide price reflects a gross yield of 7.77%
Utilities Maldon House has modern energy efficient electric heating and mains drainage, electricity and water. Each flat has its own electric meter.
Council Tax Each apartment is within Council Tax Band ‘A’, the current tax payable of 2019/2020 being £1,177.26.
Energy Performance Certificate The apartments have varying EPCs ranging from E(39) to D(56). Full copies of each apartment’s EPC is available upon request.
Terms The property is available for sale freehold with residential tenants in situ at a guide price of £665,000.
VAT We are advised that the property is not registered for VAT, therefore VAT will not be payable on the purchase price.
Viewing Strictly by appointment by sole agents:
Joseph Hughes Greenslade Taylor Hunt 9 Hammet Street, Taunton, Somerset, TA1 1RZ T: 01823 334455 E: [email protected]