Flat for sale in Turner Road, Colchester CO4

***guide price £130,000 to £150,000 ***
This contemporary one-bedroom apartment, featuring an inviting balcony, is perfectly situated near Colchester North Station, General Hospital, and Turner Rise Retail Park, making it a prime investment opportunity for the buy-to-let market.

Overview *** guide price £130,000 - £150,000 ***
This contemporary one-bedroom apartment, featuring an inviting balcony, is perfectly situated within walking distance of Colchester's North train station with mainline links to London's Liverpool Street, Colchester's General Hospital, and Highwoods Country Park. There is also easy access to the A12, and Colchester's historic town centre, as well as local shops, and amenities making it a prime investment opportunity for the buy-to-let market.

Currently available with no ongoing chain, this second-floor property is poised to generate an attractive rental yield, with a potential income of £900 monthly (£10,800 yearly).

The complex assures convenience and security with amenities that include an intercom entry system, lift access, dedicated bicycle and refuse storage, and the benefit of an assigned parking space.

Location Turner Road is situated in a residential area that is also home to the Colchester General Hospital and the Colchester Community Stadium (also known as JobServe Community Stadium), where the local football team, Colchester United fc, plays their home games.

Entrance hall

open plan living room 16' 1" x 11' 11" (4.9m x 3.63m)

balcony

kitchen 8' 9" x 7' 3" (2.67m x 2.21m)

bedroom 11' 6" x 10' 9" (3.51m x 3.28m)

bathroom 7' 0" x 5' 7" (2.13m x 1.7m)

When considering the purchase of a leasehold property with a 125-year term starting from June 2014, it's important to take into account the various costs associated with the lease-which in this case includes a rising ground rent and service charges. Here's a breakdown of the information you provided:

Ground Rent: £364 per annum. Since it's a rising ground rent, this amount is likely to increase at specified intervals detailed in the lease agreement.
Service Charges: £2,067.96 per annum. These charges typically cover the cost of maintaining common areas, building insurance, and other services provided by the landlord or managing agent.

The incremental increases in ground rent as stipulated in the lease agreement, coupled with the outcomes of the EW1S review, could potentially restrict the ability to obtain a mortgage or other financing for this property.