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Property features

Block of 3 apartments with planning permission for detached house rear
Ground floor 2 bedroom flat currently let at £950 per calendar month
First floor 2 bedroom flat currently let at £1100 per calendar month
First/second floor 3 bedroom duplex flat currently let at £1200 per calendar month
Outline planning permission for the demolition of existing buildings at rear and the erection a new house
5% yield at current rents with possibility to improve and with plot to rear

Property description

Block of 3 apartments for sale with plot with planning for an additional new house to the rear, located in the centre of Maidstone.

The existing building comprises:

Flat 1: A 2 bedroom flat comprising most of the first floor of the building. The accommodation comprises a kitchen/dining room, lounge, 2 bedrooms and bathroom with shower over small bath. It is currently rented on an AST at £1100 per calendar month EPC rating D: Current 63 D, potential 73 C, EPC Expiry March 1 2027

Flat 2: A 3 bedroom flat arranged over part of the first floor and the entire second floor of the building. The accommodation comprises a kitchen/dining area, lounge, 3 bedrooms and bathroom. It is currently rented on an AST at £1200 per calendar month EPC rating C: Current 80 C, potential 80 C, EPC Expiry November 8 2027

Flat 3: A 2 bedroom ground floor flat comprising lounge/kitchen, 2 bedrooms - one with en-suite shower room and a off the hallway shower room. EPC rating C: Current 74 C, potential 78 C, EPC Expiry July 1 2029

Outline planning permission has been approved for the demolition of existing buildings at the rear of the block and the erection a new house. The reference for the relevant planning application to Maidstone Borough Council is 24/500419/out. The drawings illustrate a 3 bedroom property with accommodation arranged over 2 floors and provision for a car parking space.

The current rental levels represent at 5% yield at the asking price. In our opinion there is potential to increase rents in future with the current strong demand for rental property in Maidstone.

Please note that the photographs shown date from before the start of the current tenancies.