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Gloucester - Greenways Court, 77 Bristol Road (Residential Investment)

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Location: Gloucester

Size: 622.80 m2 (6703.82 ft2)

Property Type: Investment

Sale Type: For sale

Status: SOLD

Terms:Offers are invited in the region of £1,450,000.

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Description Location Accommodation Rates Planning Terms Costs

Description

Investment Considerations

Brand new development finished to a high specification.
Accessible location within 2 miles of the City Centre and 1.5 miles from Junction 12 of the M5.
The apartments are fully let on assured shorthold tenancies generating an annual rent of £87,600 per annum.
The total rentable area (excluding communal areas) is 6,705 sq ft.
Gated entrance with allocated parking and visitors spaces.
A purchase at the quoting price of £1.45m reflects a gross initial yield of 6.04% and capital value equating to approximately £215 per sq ft.

Greenways Court is a new development of 9 apartments constructed in two three storey blocks, with the front block comprising 3 apartments and the rear, 6. The buildings have a combination of brick, timber clad and rendered elevations under part pitched, part flat roofs.

The apartments have been finished to a high standard throughout and the accommodation includes open plan kitchen/dining/living areas, fully fitted kitchens with a range of appliances, modern bathrooms, patio or balcony and a selection of apartments also benefit from en-suite shower rooms and a study or 3rd bedroom.

The specification includes:

Independent air conditioning providing both the heating and cooling and there are digital temperature controls in all rooms which can be set to meet individual requirements.
Separate hot water tank with heating via electric immersion heater.
Solar panels are installed on the roof which power the freehold electric supply which subsidises the communal electrics, lights and electric gates.
Kitchens were supplied by Howdens and each has a built in oven, hob and dishwasher.
BT, Virgin and Sky all have connections to the site, allowing for a wide choice of internet and TV providers.
A secure communal bike storage will be provided.
CCTV covers all external communal areas.
Electric gates provide secure access to rear parking area; these can be operated by phone so occupants can open remotely for deliveries or visitors.

Each apartment has at least one allocated parking space, with a number of visitor's spaces.

A summary of the accommodation is set out in the tenancy schedule.

Location: Gloucester
Size: 622.80 m2 (6703.82 ft2)
Property: Investment
Type: For sale
Status: SOLD

Address and Location

Address :
Greenways Court
77 Bristol Road
Quedgeley
GL2 4NH

Location details:

The property is located in Quedgeley with frontage to the Bristol Road, Gloucester. It is close to Green Farm Business Park where occupiers include Farm Web and Kier Construction. It is some two miles South of Gloucester City Centre and 1.5 miles from Junction 12 of the M5 Motorway. Access to the property is off the A430 Bristol Road to Quedgeley, ½ mile South of Cole Avenue intersection of the A38 dual carriageway on the Gloucester ring road, A430 and Gloucester South West bypass. Gloucester is located approximately 9 miles (14.5 km) west of Cheltenham, 35 miles (56.2 km) north of Bristol, 55 miles (88.5 km) south of Birmingham and 100 miles (161 km) west of London. Quedgeley is a large residential suburb of Gloucester with substantial commercial development including a Tesco supermarket and range of business parks including Green Farm Business Park, Olympus Business Park, Waterwells Business Park and Quedgeley West.

Accommodation

Tenancy Schedule

Apartment No.	Rent (per month)	Bedrooms	Commencement Date	Term (months)	Size
1	£800	2	03/07/2020	6	67.4 sq m (725 sq ft)
2	£850	2	10/07/2020	6	78.2 sq m (842 sq ft)
3	£850	2	09/07/2020	6	78.2 sq m (842 sq ft)
4	£800	2/3	29/05/2020	6	66.5 sq m (716 sq ft)
5	£800	2/3	31/07/2020	6	66.5 sq m (716 sq ft)
6	£800	2/3	25/06/2020	6	66.5 sq m (716 sq ft)
7	£800	2/3	01/06/2020	18	66.5 sq m (716 sq ft)
8	£800	2/3	12/05/2020	6	66.5 sq m (716 sq ft)
9	£800	2/3	29/05/2020	6	66.5 sq m (716 sq ft)
Total	£87,600 per annum				622.8 sq m (6,705 sq ft)

Rates

All of the flats are listed within Band B for Council Tax purposes.

Planning

Consent was obtained in 2018 for the construction of two apartment blocks to provide 9 no. residential units. Application No. 18/01031/FUL.

Terms

The property is offered freehold subject to the occupational tenancies in place.

VAT

The property is not elected for VAT.

Legal Costs

Each party to bear their own legal costs incurred in the transaction.

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ASH Chartered Surveyors for themselves and for the vendors or lessors of this property for whom they act, give notice that:

1 these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract;

2 ASH Chartered Surveyors cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy;

3 no employee of ASH Chartered Surveyors has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property;

4 rents quoted in these particulars may be subject to VAT in addition; (v) ASH Chartered Surveyors will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and

5 the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements.â€

Code of Practice for Commercial Leases in England and Wales

You should be aware that the Code of practice on commercial leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licenced conveyancer before agreeing or signing a business tenancy agreement. The Code is available through professional institutions and trade associations.