Development Opportunity for sale

We are delighted to offer for sale this prestigious multi-unit freehold block. This is a fully let investment opportunity with development potential for a further 50 new-build apartments, subject to planning.  
The property comprises a healthy mix of eight commercial units, including a Ladbrokes betting office, together with 32 apartments consisting of 22 two-bedroom and 10 one-bedroom units.  
The current gross rental income totals £494,300 per annum. This includes £18,000 per annum from the car park, which is also the development site; this equates to a gross yield of 8.6%. The net initial yield (including stamp duty and purchase costs and deducting 10% expenditure from the residential rent elements) is just over 7.5%.  
The property is well maintained throughout and features contemporary design within the entrance lobby and communal areas. All floors are accessed via passenger lifts and stairwells.   The commercial occupiers include an established oriental buffet restaurant, a Ladbrokes betting office, formal wear hire, a hairdressers, and a baby scanning centre, all of which are well-established tenants.
Unit Name: g | 12446 sqft |
Unit Name: 1st | 7427 sqft |
Unit Name: 2nd | 7427 sqft |
Unit Name: 3rd | 7449 sqft |