Freshwater, Isle Of Wight £2,350,000
A portfolio-investment of 14 high specification, luxurious, terraced houses with a substantial proven and current rental income and interesting asset management opportunities.
This is a unique residential investment opportunity to acquire the majority portion of this landmark and historic Palmerston fortress, located on a stunning hilltop and offering magnificent views of the surrounding countryside, the English Channel & The Solent’s Western Approaches.
Constructed in 1863, this Grade I listed structure was recently converted into 18 impressive and highly specified large houses. This painstaking and thorough process took several years and is now being offered as a turn-key, high yielding, investment purchase, with interesting asset management opportunities for yield enhancement or the sale of individual houses. Four houses have been sold off on 999-year leases and we are instructed to offer the leasehold sale of the remaining 14 houses, together with the freehold to the whole Fort, as a single portfolio sale. There is no current provision for service charges at present.
The houses are fitted with high quality designer fixtures and fittings. The fitted appliances mostly feature brands including Siemens, Neff and Geberit W/C’s. Designer kitchens with marble worktops, fitted washing machines and large integrated freezer/fridge have been installed. Electronic entry systems, mood lighting and quality heating systems benefit the development. Certain houses have balconies overlooking the central water feature in the main central area. There is an impressive roof garden which enables residents to enjoy views from this significant and elevated location. The Fort is enclosed by Golden Hill Country Park (owned by the Isle of Wight Council and managed by Gift To Nature Trust), which has a network of attractive rural footpaths to enjoy.
Golden Hill Fort is a gated residential housing development, located between the affluent historic harbour town of Yarmouth and the village of Freshwater, offering a good range of amenities.
Yarmouth has regular vehicular ferry links to the mainland with a connection to the national rail network. Golden Hill Fort is a distinctive hexagonal shaped, Victorian hill fort and is now a high quality residential development with the following being offered for sale; 5 x three-bedroom terraced houses, 7 x four-bedroom terraced houses and 2 x five-bedroom terraced houses. There is an extensively landscaped rooftop communal garden offering truly spectacular and far reaching sights, with multiple viewing points, enclosed seating areas and lawns.
At the time of print (May 2018), 11 houses are let on long lets with another on holidays lets, subject to existing tenancies there are 2 houses that are vacant; 1 & 18. The tenants of number 1 have recently vacated and had been paying £15,000 per annum. The approximate current gross rental income for the houses is £158,300 and the approximate ERV (Estimated Rental Value) with numbers 1 & 18 is £191,300. For further information on the rental income, please download the brochure.We are informed that building regulations have been signed off for numbers; 4, 5, 6, 8, and that certificates are expected on 12, 13, 14, 15 and 16. Minor works are required to 1, 2, 7 and 17 for the issuing of certificates and more substantial works are still to be done to 18 to be signed off.
SERVICES Mains drainage, water, electricity serve the properties.
VIEWINGS Viewing is strictly by appointment with the selling agents, Spence Willard.
IMPORTANT NOTICE 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Spence Willard in the particulars or by word of mouth or in writing ("information") as being factually accurate about the property, its condition or its value. Neither Spence Willard nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s).
2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only.
3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct.
4. VAT: The VAT position relating to the property may change without notice.