Sold STC

Flat 6

3 Lorne Street

Kidderminster

About the property

Attention investors! Excellent buy to let investment with approximate yield approaching 7%.
Property Snapshot
  • Attention investors!
  • Excellent buy to let investment
  • Potential return around 7%
  • Long term tenant in situ
  • Close to town and train station
  • Parking at rear

Being sold with a long term tenant in situ and the rent paid directly to the future landlord by the Wyre Forest District Council.

Includes car park to rear, open plan living/kitchen and bedroom areas, adjoining bathroom with underfloor heating.

Flat 3 offers an excellent buy to let opportunity in this pleasant part of Kidderminster. The subject property is being sold with an existing tenant in situ who has been in residence since 2018 we are informed and would like to stay on. The seller tells us the rent is currently set at £390 per calendar, a value which was set in 2018. Rent Increase: The vendor has started the process of increasing the rent to £438 per calendar month. This provides an excellent return on investment, especially with a relatively low service charge of £57 per calendar month and zero ground rent. There is a long lease too which was extended to 161 years in 2019.

The apartment benefits from usage of a shared car park at the rear, a huge asset for a central location such as this with most properties in the street having to make do with on street parking.

The building is accessed via a shared hallway with stairs rising to the first floor and the subject apartment. The property is double glazed throughout and well maintained we understand, having been upgraded in recent years by the current owners to comply with current Wyre Forest council regulations. The bathroom was overhauled in around 2014 and includes digitally controlled under floor heating, tiled walls, pedestal wash basin and low-level WC. The bathroom adjoins the bedroom which is a double room and features built-in storage and double-glazed window to front aspect. Beyond the bedroom via an archway is the open plan living and kitchen area.

To the rear of the apartment building is a communal car park and garden area. The owner / resident of flat 3 has one space within the car park.

Agents Notes
Viewings: Viewings are not presently taking place. Please speak to the agent to be added to our waiting list for when viewings are available.

EPC: The EPC is in progress for when the loft insulation has been checked and confirmed by a contractor. The agent has been advised the rating will be an E (TBC).

Asking Price is negotiable (serious offers are welcomed).

We commonly receive referral fees from specialist service partners - an outline of these can be found here: https://bit.ly/ref_fees and are reviewed annually in line with our financial year to identify any changes in average fee received.

01384 370 232

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