CLAREMOUNT VIEWS Claremount Road, Halifax, HX3 6LJ
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Residential Investment Opportunity CLAREMOUNT VIEWS Claremount Road, Halifax, HX3 6LJ Attractive Freehold Residential Investment Opportunity comprising 41 two bed flats with strong rental demand Investment Considerations ■ Freehold consisting of five stone built blocks ■ 29 flats remain unsold ■ There is ample car parking to the front of each block, comprising a total of 41 self-contained two bed flats for all flats □ Currently fully let, all subject to Assured ■ 12 flats sold subject to Long Leasehold interests Shorthold Tenancies ■ Potential for the addition of further accommodation □ Total Current Rent Passing is £171,780 per through the amended Permitted Development □ All for a term of 125 years from 1 January 2008, annum Rights, subject to approval thus having approximately 113 years unexpired □ Each flat currently produces a ground rent of ■ Total Current Income is therefore £174,180 per ■ The asking price of £2,125,000 provides an £200 per annum, hence providing a total ground annum attractive gross yield of 8.2% rent income of £2,400 per annum Claremount Views Claremount Road, Halifax, HX3 6LJ Location Claremount Views is located on Claremount Road to the north of Halifax Town Centre. Halifax, West Yorkshire, has a population of approximately 90,000 (ONS) and is well located for access to the M62 (9.6 km (6 miles) to the south of the town). The M62 provides good links to Leeds in the east and Manchester in the west, 25.7 km (16 miles) and 51.4 km (32 miles) from the town, respectively. Halifax is known nationally as the birth place of the Halifax Bank which is still headquartered in the town centre. The history of Halifax was dominated by the mills of the textile industry, which is still evident today. The town has gained national headlines more recently for the £19m restoration of the old Grade I listed Piece Hall, a popular tourist attraction located Halifax Town Centre only 1 mile from the subject. Situation Claremount Views fronts onto Claremount Road in a raised position to the North of Halifax Town Centre. The rear of the block overlooks woodland and a local park in the fore ground, and the Town Centre in the near distance. A predominantly residential immediate location, but there are a number of local shops and amenities within a short distance, including a Lidl, Sainsburys, Currys PC World, KFC and Pizza Hut, amongst others on the outskirts of the Town Centre. Halifax train station is 1 mile from the subject, providing direct access to multiple destinations across Yorkshire. Claremount Views Claremount Road, Halifax, HX3 6LJ Tenure Freehold. Description The subject comprises 5 detached stone built blocks, comprising a total of 41 self-contained two bed flats of which 12 flats have been sold on long leasehold interests. Each Long Leasehold interest was sold with a term of 125 years from 1 January 2008, thus having approximately 113 years unexpired, with a ground rent of £200 per annum payable to the freeholder. The total ground rent receivable is therefore £2,400 per annum. The flats are located across the 5 detached blocks, as follows; ■ Greetland Moor View (2 blocks) - comprising 12 flats ■ Halifax View – comprising 12 flats (5 sold on long leases) ■ Norland Moor View – comprising 8 flats ■ Sowood Hill View – comprising 2 flats (7 sold on long leases) We understand all blocks are of traditional construction and are built over lower ground, ground, first and second floors. Tenancies / Rent Reserved The property has an extremely strong rental track record with very few voids histrocially. The 29 unsold units are currently fully let on Assured Shorthold Tenancies, producing a rent passing of £171,780 per annum. The current Ground Rent income from the 12 long leases is currently £2,400 per annum. The all-encompassing rental income from both ASTs and ground rent, therefore, equates to £174,180 per annum. Claremount Views Permitted Development Rights Basis of Sale Claremount Road, The Town and Country Planning (Permitted Development and In accordance with the provisions of Part 1 of the 1987 Landlord and Halifax, HX3 6LJ Miscellaneous Amendments) (England) (Coronavirus) Regulations 2020 Tenant Act, as amended by the Housing Act 1996, qualifying tenants came into force on 1 August 2020. have the right of first refusal if the Landlord intends to sell or dispose of their interest in the property. These amended regulations introduce a new Class A into the GPDO – Proposal ‘New dwellinghouses on detached blocks of flats’ – which grants the The act applies to qualifying properties (i.e. a building containing two right to extend purpose built blocks of flats upwards by two additional or more flats) where more than 50% of the flats are held by qualifying Offers in excess of £2,125,000, storeys. The blocks of flats must consist of three storeys or more tenants, which include long leases and all residential tenants other than are invited for the Freehold before the extension and cannot have a total height of 30 metres or Assured and Assured Shorthold Tenancies (ASTs). interest subject to existing more with the additional two storeys. Subject to prior council approval, potential purchasers could explore this possibility with the subject. Sowood Hill View is a qualifying property and covered by the terms tenancies and leases, subject to of this act as more than 50% of the flats are occupied by qualifying contract. Energy Performance Certificates tenants. The sale of Claremount Views will therefore only take place following service of the requisite Section 5A notices. EPC’s can be viewed / downloaded on the data room. Viewing Information Method of Sale The subject will be subject to block Additional Information viewing arrangements and will not be The subject is for sale by way of Private Treaty; however we reserve the available for viewing internally outside of Additional information can be found via the following data room: right to conclude the marketing by an Informal Tender process. these times. https://datarooms.allsop.co.uk/register/XLCCG. Contacts For further information or to make viewing arrangements, please contact: James Wilson 07825 205489 [email protected] Jack Robson 07899 895262 [email protected] Vicky Bingham 07557 969622 [email protected] Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective allsop.co.uk purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. .