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Newland Street, Coleford *Guide Price £385,000 - £435,000

  • Grade II Listed Town House
  • Arranged as 8 x 1 bed flats
  • Currently producing £40,000 pa with room for growth
  • In need of modernisation and improvement
  • Ideal for investors and developers

*For Sale by Auction on 24th May* *Guide Price: £385,000 - £435,000* This is a substantial and imposing Grade II Listed town house arranged as 8 self-contained 1 bedroom flats. The original building is believed to date from the late 18th century with a later 2 storey rear extension making it roughly T shaped.


Newland Street
Coleford GL16 8AH
County: Gloucestershire
Sale Type: For Sale
Ref #: MB000306

Description

This is a substantial and imposing Grade II Listed town house arranged as 8 self-contained 1 bedroom flats. The original building is believed to date from the late 18th century with a later 2 storey rear extension making it roughly T shaped. The flats are all approached from the rear with external staircases providing access to the upper floors. With all flats currently let this is a well established high income producing investment with the current rent at circa £40,000 per annum. Most of the tenants have been in in occupation for several years although the flats are now at a point where they would benefit from modernisation and improvement. With potential to increase rents once modernised or to break up an sell as well as further development possibilities the property is sure to be of interest to investors and developers.

Situation

Coleford is a small market town in the west of the Forest of Dean, close to the Wye Valley. Situated close to the Town Clock the property enjoys ease access to the local shopping and leisure facilities that such a central positions affords.

Accomodation

The property comprises 8 self-contained 1 bedroom flats with potential to turn some of them in to 2 beds. With several of the tenants having been in the property for a number of years this is a well established investment although it would benefit from modernisation. There is a large mostly unused cellar and large rear garden which both offer some development potential subject to the necessary consents.

Possession

The property is sold subject to the existing periodic assured shorthold tenancies. We understand most of the rents are paid weekly with some of the tenants in receipt of housing allowance. The Forest of Dean Local Housing Allowance for 1 beds is £92.05 per week and for 2 beds is £122.36 per week.

Partner Agent

KJT Residential Coleford, 9 High Street, Coleford, GL16 8HA E: admin-kjt@btconnect.com W: kjtoombs.co.uk/ T: 0159 4833 333

Viewings

By appointment

For Sale by Auction

On Thursday 24th May 2018 at 7.00pm At Ashton Gate Stadium, Winterstoke Road, Bristol BS3 2LQ Please note the auctioneers have made their best endeavours to disclose all additional fees. Interested parties should refer to the special conditions of sale contained in the Legal Pack for any late amendments or additions to these fees as well as the auction day addendum sheet prior to bidding.

Legal Pack

A full auction legal pack can be downloaded from www.auctionhousebristol.co.uk once available. For further information on the other lots in this auction please visit the website.


Newland Street
Coleford GL16 8AH
County: Gloucestershire
Sale Type: For Sale
Ref #: MB000306

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Newland Street
Coleford GL16 8AH
County: Gloucestershire
Sale Type: For Sale
Ref #: MB000306
Name Location Type Distance

Price Information

*Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

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