Essex, CO2

Description

This exceptional property in Essex offers a rare opportunity to acquire a fully-let, unbroken block of 28 luxury studio apartments. Spanning three floors, each self-contained studio ranges from 17m² to 26m², providing modern, high-quality living spaces. The total internal area of the property is 595.9 m² (6,415 sq. ft) and includes 22 allocated residents’ parking spaces. The property is held on a freehold basis, offering long-term investment security.

Currently, the block is fully let on Assured Shorthold Tenancies (ASTs), generating a strong gross annual rental income of £237,000. This equates to an attractive gross yield of 8.3%, making it an excellent income-generating asset. Each studio operates independently with its own electricity account, and the building has no gas supply. Originally an office building, it was converted to residential use in 2016 under permitted development rights, with full building control and regulatory sign-off.

In addition to its strong rental performance, the property presents significant development potential. Planning permission was previously granted (now lapsed) for the addition of a third and fourth floor, creating 10 new one-bedroom flats. This would further enhance the value and income potential of the property.

It is worth noting that each studio is under 30m², which restricts their breakup value for residential mortgages. However, this does not detract from the property’s overall appeal as a high-performing investment with excellent long-term growth prospects.

This fully-let residential block represents an outstanding opportunity for investors seeking a strong rental yield and development potential. Contact us today for more information or to arrange a viewing.