Overview
- Updated On:
- 22 October 2024
- Property ID
- 21432
- Not Available Garages
Description
This block of seven flat is located on a highly sought-after street, directly opposite Bantock Park in Wolverhampton. The block presents a promising investment opportunity, albeit one that requires a comprehensive refurbishment and an upgrade to its Energy Performance Certificate (EPC). It offers substantial potential for value enhancement. Additionally, there is ample loft space that could be utilized to create additional flats, and at the rear of the property, there is a spacious undeveloped out-house that faces the adjacent street. Subject to planning permission, this out-house could potentially be transformed into a separate detached dwelling.
The property has faced neglect under previous ownership, resulting in difficulties in the eviction of the remaining tenants. Currently, three of the flats stand vacant, while the other four are currently occupied. Although section 21 notices have been issued to the tenants, there are outstanding council improvement notices that must be addressed before eviction can proceed.
Despite its challenges, this property holds the potential for significant value appreciation. It is ideally suited for an experienced investor with a track record of managing complex tenancy situations.
Features
- 7 x 1 Bedroom flats
- Large undeveloped loft space
- Undeveloped outhouse which fronts onto street behind
- Private driveway and parking at rear
Additional Info
Income
Prior to tenant evictions the property had a gross income of £36,000 Pa
